75 YEARS OF VICE TED 75 ANNUAL REPORT 2019-2020

75TH

2019-2020

ANNUALREPORT

Bank that makesyour a

realitydream

5th Floor, Mogaveera Bhavan, M.V.M. Educational Campus Marg, Off. Veera Desai Road, Andheri (W), Mumbai - 400 058.Tel: 022-26766011, Fax: 022-26770387E-mail: [email protected] Website: www.mogaveerabank.com

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75 YEARS O

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BOARD OF DIRECTORS

Vice Chairman (w.e.f. 29.01.2021) Shri Sadanand A. Kotian

Chairman

Shri Bhaskar N. Kanchan Shri Mukesh K. Bangera Shri Jagdish J. Kanchan

Adv. Shri Janardhan T. Mulki Shri Gopal S. PuthranShri Suresh R. Kanchan

Shri Damodar D. Karkera

* In place of Shri Dharmapala P. (Vice Chairman 2017- 2020) expried on 27.12.2020

*

BOARD OF DIRECTORS

Shri Vasudev J. Tandel Shri Ganesh M.Tandel Shri Arun H. Gaikwad

CA Shri Madhav C. Kanchan Shri Yaduveer B. Puthran Functional Director

Shri Vasant R. Kunder

Shri Purushottam S. Shriyan Smt. Sonam A. Suvarna*Smt. Sheela I. AminShri Jaysheel B. Thingalaya

Shri Sudhakar Kotian General Manager – Operations

(Incharge CEO)* resigned on 29-09-2020

74th AGM of the Bank held on 21st September, 2019

1 ANNUAL REPORT 2019 - 2020

CONTENTS

Page No.

Board of Directors 2

Executives & Branch Managers 3

From the Chairman’s Desk 4-5

Vision & Core Values of the Bank 6

A.G.M. Notice 7

Directors’ Report 8-14

Statutory Auditor’s Report 15-17

Balance Sheet 18-29

Profit and Loss Account 30-31

Schedules I to V 32

Notes to Accounts 33-46

Salient Features of Bank's Loan Scheme 47-49

Revision in the rate of Interest on Term Deposits 50

Particulars of Loans and Advances to Directors & their Relatives 51

Our Past Chairman 51

Proposed Amendment to Bye- Laws 52-58

Progress at a Glance 59

Details of Branch Offices 60

Members KYC updation 61

Notice to the Share Holders 62-64

2ANNUAL REPORT 2019 - 2020

BOARD OF DIRECTORSCHAIRMAN : Shri Sadanand A. Kotian, B.Com., LLB, DBMVICE CHAIRMAN : Shri Dharmapala P., M.Sc. (Stats), CAIIB (Feb 2017 - Dec 2020) Shri Damodar D. Karkera, M.A. (Eco) (w.e.f. 29/01/2021)DIRECTORS : Shri Suresh R. Kanchan Adv. Shri Janardhan T. Mulki, B.A. (Eco), LLB (FNMIS) Shri Gopal S. Puthran Shri Bhaskar N. Kanchan, B.Com., LLB, DBM Shri Mukesh K. Bangera, Diploma in Aviation Shri Jagdish J. Kanchan, MBA (Export & Logistic Management) Shri Purushottam S. Shriyan, B.Com. Shri Jaysheel B. Thingalaya, Diploma in Printing Technology, EnvironmentalistWOMEN DIRECTORS : Smt Sheela I. Amin, B.Com., CAIIB-I, GDC&A Smt. Sonam A. Suvarna, B.E.(IT), MBA (Marketing) (upto 29/09/2020)OBC DIRECTOR : Shri Vasudev J. TandelSP. BACKWARD CLASS DIRECTOR : Shri Ganesh M. TandelSC/ST DIRECTOR : Shri Arun H. GaikwadPROFESSIONAL DIRECTORS : CA Shri Madhav C. Kanchan, B.Com. (Hons.), FCA Shri Vasant R. Kunder, M.Com., CAIIBFUNCTIONAL DIRECTOR : Shri Yaduveer B. Puthran, B.Com., JAIIB, GDC&AGENERAL MANAGER – OPERATIONS : Shri Sudhakar Kotian, M. Com, LLB, CAIIB(INCHARGE CEO)STATUTORY AUDITOR : M/s. Dalal & Kala Associates, Chartered AccountantsCONCURRENT AUDITORS : M/s. Sanzgiri & Co. Chartered Accountants M/s. Yashwant & Co. Chartered Accountants M/s. Harish Shetty & Co. Chartered Accountants M/s J. Gandhi & Co. Chartered Accountants M/s. Gonsalves & Associates, Chartered Accountants M/s. Joshi Sathe & Associates, Chartered AccountantsBANKERS : Reserve Bank of India State Bank of India Bank of India IDBI Bank Ltd The Federal Bank Ltd HDFC Bank Ltd Axis Bank Ltd ICICI Bank Ltd The Maharashtra State Co-op. Bank Ltd The Mumbai Dist. Cen. Co-op. Bank Ltd


EXECUTIVES & MANAGERS (status as on 28/02/2021)

EXECUTIVES

Shri Sudhakar Kotian, M.Com, LLB, CAIIB General Manager – Operations (Incharge CEO)Shri Bhaskar Amin, B.A. (Eco & SS) DGM – Legal & RecoverySmt. Smita Kanchan, B.Sc (Micro), LLB, MBA DGM – Credit & OperationsShri Narayan Mendon, M.Com., LLB, CAIIB, GDC&A Chief Manager – Legal & RecoveryShri Harish Shriyan, M.Com, CAIIB, GDC&A Chief Manager – Legal & RecoveryShri Ramesh Salian, B.Com, GDC&A Chief Manager – Business DevelopmentSmt Shilpa Pednekar, B.Sc.(Stats),DISM,PGDMS,MBA (HR) Chief Manager – HRD & AdminShri Balkrishna Tolar, M.Com., LLB, CAIIB,GDC&A, CS (Inter) Sr. Manager – AuditShri Dayanand Amin, B.Com., LLB, CAIIB, GDC&A Sr. Manager – Legal & RecoveryShri Richard Fernandes, B.Com., Dip. in Adv. Computers Sr. Manager – IT

DEPARTMENT MANAGERS

Smt Rekha Amin, M.Com., CAIIB, GDC&A Manager – Loans & AdvancesShri Premnath Kotian, M.Com., CAIIB, GDC&A Assistant Manager – ClearingSmt. Aarti Kotian, B.Sc.(Botany), JAIIB, GDC&A Assistant Manager – Credit Monitoring CellSmt. Chhaya Iddya, M.Com., CAIIB, GDC&A Assistant Manager – AccountsShri Shirish Dewjee, B.Com., CAIIB, GDC&A Assistant Manager – TreasuryShri Nikhil Chitre, B.Com, MBA (Fin) Assistant Manager – Secretarial

BRANCH MANAGERS

Shri Yaduveer Puthran, B.Com., JAIIB, GDC&A Manager – Dombivali BranchSmt Jayakshi Mendon, M.Com., CAIIB, GDC&A Manager – Goregaon BranchSmt Nishi Shriyan, B.Sc. (Chem), CAIIB, GDC&A Manager - Andheri (W) BranchSmt. Pratima Mulky, B. Com, CAIIB, GDC&A Manager – Kurla BranchSmt. Vanajakshi Kanchan, M.Sc.(Zoo), CAIIB, GDC&A Manager – Sakinaka BranchShri Dhanraj Karkera, B. Com, GDC&A, CAIIB Manager – Ghatkopar BranchShri Sudarshan Kunder, B.Com., JAIIB, GDC&A Branch Incharge - Vikhroli BranchSmt. Neeta Karkera, B.Com, GDC&A Branch Incharge - Borivali BranchSmt. Vineeta Kunder, B.Com, CAIIB, GDC&A Branch Incharge - Fort BranchSmt Sujaya Suvarna, B.Sc.(Micro), CAIIB, GDC&A Branch Incharge - Andheri (E) BranchSmt. Jayashri Puthran, B.A. Branch Incharge - Kandivali Branch


From the Chairman’s Desk

Dear Members,

It gives me a great sense of gratitude and privilege to preside over the 75th Annual General Meeting of your Bank. During this period, when the world is going through the most unprecedented and trying times, I sincerely hope that you and everyone around is taking due care, and keeping healthy and safe.

The year under review has been a very challenging year for Banking Industry due to the impact of COVID 19 Pandemic leading to slow credit growth and economic slowdown across the globe.

The COVID-19 outbreak has caused widespread concern and economic hardship for consumers, businesses and communities across the globe. The situation is changing quickly with widespread impacts. The Indian economy being an integral part of the globe faced challenges in 2019 due to slowdown in global economy and had estimated a growth rate of 4.80 % to 5.00% before COVID 19 impact.

I am pleased to present before you the highlights of the Bank’s performance during the Financial Year 2019-2020.

The end of Financial Year witnessed huge uncertainty generated by The Covid-19 Pandemic which caused severe economic slowdown across the country.

The deposits of the bank decreased from `76,927.20 Lakhs to `74,300.36 Lakhs, a decrease of ` 2,626.84 Lakhs i.e. a decrease of 3.41 % over the previous year. Bank’s low cost (CASA) deposits stood at 28.21%. During the year the Advances increased from ` 48,401.97 Lakhs to ` 48,653.62 Lakhs, an increase of ` 251.65 Lakhs, a growth of 0.52% over the previous year. The slow off take in credits due to the pandemic coupled with restriction on credit exposure by RBI.

The NPAs have always been an area of concern for us and all out efforts were being made to tackle this issue. Gross NPA as on 31.03.2020 stands at 18.47% and Net NPA 13.27% as compared to 12.45% Gross NPA and 8.12% Net NPA for last F.Y. 2018-2019. The Bank has set Credit Monitoring Cell to oversee the post sanction follow up and address the irregularities and identifying the symptoms of sickness in the borrowers accounts is some of the initiatives taken by the present Board to arrest further slippages. The Bank has made focused efforts on recovery.

A lot of changes has been taken place in the Banking sector. Technology is paying a vital role in building efficiency and providing best possible services to the customers. Your Bank has kept pace with the fast growing changes and has been quick in providing value added services like ATMs, RTGS/NEFT facility and SMS Alerts etc.


The specific products launched by the Bank like Sakhi Accounts for women, Vidya Account for the Student Community, Society plus for Co-operative Societies are the popular deposit related products. Likewise, ‘Advance against Rent Receivables’ to help owners of properties to raise funds against their future rent receivables.

Your Bank has migrated its Core Banking Services from OMNI (Infotech Technologies) to Swiftcore (Saraswat Infotech Pvt. Ltd) on 13th January 2020 and NFS services from Sarvatra Tech to Saraswat Infotech Limited on 17th September 2020.

Covid 19 has impacted all people and businesses all over the world and in India. With a view to support and facilitate our borrowers, your bank has been very proactive and has formulated policies and measures as per guidelines issued by RBI from time to time. Accordingly, as per RBI Circular, moratorium for payment of instalment for 6 months period from March 2020 to August 2020 was offered to all eligible borrowers who were impacted by lockdown. Subsequently EMIs were rescheduled and repayment period extended by six months. So your bank made ` 4.37 Crore provision towards Moratorium of OD and Loan Accounts upto 31.03.2020.

Our Bank will remain agile, customer centric and humane enterprise, with a shared ambition to grow the right way, convert challenges into business opportunities and come out stronger for the next phase of economic growth. We will always give our best to keep the faith of our customers, regulators and to build sustainable value for our shareholders. Our long term vision is to reach a business mix of ` 5,000 Crore in the next few years and to be in the league of the top 25 Co-operative Banks in the county. We intend to become a Multi-State Bank and start banking operations in our home State of Karnataka. All these dreams and aspirations shall be a reality if all our well-wishers and members come forward with the sole motto of seeing the growth and welfare of the Bank.

Before concluding, I extend my heartfelt gratitude to all our people for their dedication and efforts especially during the lockdown, customers, communities, Regulators Reserve Bank of India, Central Registrar of Co-operative Societies and other Regulators for their valuable advice and support. I would also like to take this opportunity to thank my colleagues in the Board for their support and members of our staff for contributing whole heartedly to progress the Bank. We look forward to your continued faith and support to help us in scaling greater heights.

Thanking you,

With Warm Regards,

Sadanand A. KotianChairman


VISION & CORE VALUES OF THE BANKBANK HAS ADOPTED THE FOLLOWING VISION

STATEMENT AND CORE VALUES.

VISION STATEMENT“A GROWING BANK RUN BY TRUSTWORTHY

PROFESSIONALS DRIVING CUSTOMERRELATIONSHIP”.

CORE VALUES OF THE BANK RELATIONSHIP BUILDING RESPONSIVENESS TRUST


THE MOGAVEERA CO-OPERATIVE BANK LTD.Registered & Administrative Office:

5th Floor, Mogaveera Bhavan, M.V.M. Educational Campus Road, Andheri (W), Mumbai – 400 058

NOTICE

Notice is hereby given that Seventy Fifth Annual General Meeting of the members of The Mogaveera Co-operative Bank Ltd. will be held on Saturday 27th March 2021 at 3.30 p.m.in the Board room at the Administrative Office of The Mogaveera Co-operative Bank Ltd, Andheri (West), Mumbai- 400 058 through Other Audio Visual Means (OAVM), which is in compliance with the circular dated 25th February, 2021 issued by Department of Co-operation, Marketing & Textile, Maharashtra u/s 75 of the Maharashtra Co-operative Societies Act, 1960 to Co-operative Banks and Co-operative Societies for the conduct of AGM to transact the following business:-1. To read and confirm the minutes of the 74th Annual General Meeting held on 21st September, 2019.2. To receive, consider and adopt the Audited Balance Sheet as at 31st March 2020 and Profit & Loss

Account for the year ended 31st March 2020 together with the Reports of the Board of Directors and the Statutory Auditors thereon.

3. To ratify the appointment of Statutory Auditors of the Bank for the year 2020-21 and to authorize the Board of Directors to fix their remuneration.

4. To ratify the appointment of Auditors for the year 2020-21 for conducting Concurrent / other audits.5. To ratify the resolution passed by the Board of Directors at the meeting held on 10.03.2021

recommending the appointment of Mr. Sudhakar S.Kotian as Chief Executive Officer of the Bank subject to approval from Reserve Bank of India.

6. To consider and approve the proposed amendments to the Bye-Laws of the Bank with or without modifications.

7. To condone the absence of the members, who are unable to attend the 75th Annual General Meeting.

8. Any other business with the permission of the Chair.

By Order of the Board of Directors,

Sd/-

General Manager-Operations

Place : MumbaiDated : 12.03.2021

Note :

1. In the absence of quorum within half an hour after the appointed time, the meeting shall stand adjourned and the adjourned meeting will be conducted immediately thereafter at the same venue irrespective of the rule of quorum in terms of Bye-law No.30.

2. The process /guidelines for attending AGM through OVAM is available on Bank’s website www.mogaveerabank.com.

3. The Members desiring to ask questions about the statement of accounts are requested to furnish the same in writing to the Chief Executive Officer, at the Registered Office, at least three (3) days before the Annual General Meeting to enable us to furnish the replies.


THE MOGAVEERA CO-OPERATIVE BANK LTD.Registered & Administrative Office

5th Floor, Mogaveera Bhavan, M.V.M. Educational Campus Road, Andheri (W), Mumbai – 400 058

REPORT OF THE BOARD OF DIRECTORS

Dear Members

The Board of Directors of your Bank have pleasure in presenting to you the 75th Annual Report on the business and operational results of your Bank together with Audited Balance Sheet and Profit & Loss Account for the year ended 31st March 2020.

Economic Scenario

The end of Financial Year witnessed huge uncertainty generated by the Covid-19 pandemic which caused severe economic slowdown across the country. Revenues have been impacted severely due to slowdown in economic activities amid Covid-19 outbreak. The Banking sector witnessed serious crisis due to rising NPA’s and bad loans. The Reserve Bank of India and Government of India, in their endeavour towards improving operational efficiency, technology upgradation, maintaining liquidity and interest rate at comfortable level and bringing more transparency in financial market introduced series of reforms notable among these were as under :-

1. Issued detailed guidelines in respect of “Prudential Framework for resolution of Stressed Assets” to enable banks and borrowers to mitigate the adverse impact of outbreak of Covid-19 on business and thereby on repayment of credit facilities.

2. Enhance the amount of insurance cover to Depositors under DICGC from ` 1.00 Lakh to ` 5.00 Lakhs.

3. Increase in the timings of Real Gross Settlement (RTGS) system from 8.00 a.m. - 4.30 p.m. to 7.00 a.m. - 6.00 p.m.

4. National Electronic Fund Transfer (NEFT) System made available on 24x7 basis effective from 16.12.2019.

5. All Primary (Urban) Co-operative Banks (UCB’s) have been advised for “Constitution of Board of Management”.

6. Comprehensive Cyber Security framework issued for Primary (Urban) Co-operative Banks.

7. Revise the limit on Credit Exposure to Single and Group borrowers, Large Credit exposure and the target for Priority sector lending for UCB’s.

These measures augmented the credit off take, improvement in the Government Securities market as well as improvement in the Deposits scenario in the recent past not only in the Commercial Banks but also in the Co-operative Banking sector as well.


Financial Highlights : 2019-2020

The deposits of the bank decreased from ` 76,927.20 Lakhs to `74300.36 Lakhs, a decrease of `2,626.84 Lakhs i.e. a decrease of 3.41 % over the previous year. Bank’s low cost (CASA) deposits stood at 28.21%.

Advances:

During the year the advances increased from `48401.97 Lakhs to `48653.62 Lakhs, an increase of `251.65 Lakhs, a growth of 0.52% over the previous year.

The salient financial features of the Bank for the year ended 31st March 2020 is summarized as under:

(` in Lakhs)Sr. No.

Particular 31/03/2019 31/03/2020 Growth (%)

1 Share Capital 1,991.94 2,006.63 0.742 Total Reserves 6,522.79 7,431.42 13.933 Total Deposits 76,927.20 74,300.36 -3.414 Total Advances 48,401.97 48,653.62 0.525 Working Capital 86,644.36 83,910.28 -3.166 Investments 31,927.81 29,077.2 -8.937 Net Profit 669.48 -561.47 -183.87

Growth and composition of deposits for the last 3 years are given below

(` in Lakhs)Sr. No.

Type of Deposits 2017-18 % 2018-19 % 2019-20 %

1 Current 3,838.68 4.99 3,815.80 4.96 2,950.75 3.972 Savings 20,060.97 26.06 20,207.88 26.27 18,007.86 24.243 Term & Other Deposits 53,071.48 68.95 52,903.52 68.77 53,341.75 71.79

Total 76,971.13 100.00 76,927.20 100.00 74,300.36 100.00

The purpose wise classification of loans and advances outstanding as on 31/03/2020 are as under:

(` in Lakhs)Sr. No. Purpose Balance as on 31/03/2020

1 Cottage & Small Scale Industries 4,464.452 Professional & Self Employed 610.833 Road & Water Transport Operators 683.864 Retail Traders 711.605 Wholesale Traders 151.066 Agriculture & Allied Activities 180.447 Education 200.838 Ceremonial 23.289 Consumption 173.71

10 Repayment of Debts 7,540.52


(` in Lakhs)Sr. No. Purpose Balance as on 31/03/2020

11 Housinga) Acquisition of House Property 8,821.47b) Repairs to House Property 1,137.56

12 Medical 37.5013 Others 23,916.51

Total 48,653.62

Share Capital & Membership

During the year your Bank has admitted 830 new members. After deletion of 554 members who have ceased to be members on account of death, resignation and transfer of shares, the total membership stood at 49,234 at the end of the current year as against 48,958 in the previous year. Nominal membership stood at 3,169 as against 3,166 members last year.

Reserve and Other Funds

Your Bank’s Reserves and other funds as on 31/03/2020 vis-à-vis 31/03/2019 are as under:

(` in Lakhs)31/03/2019 31/03/2020

1 Statutory Reserve Fund 1,145.00 1,145.082 Building Fund 515.40 515.403 Bad & Doubtful Debt Reserve 2,278.56 2,918.564 Staff Welfare Fund 1.67 1.675 Contingency Provision - Standard Assets 182.88 125.006 Contingency Provision Standard Assets - CRE - 12.007 Contingency Provision – Standard Assets-Housing Loan - 61.008 Provision for moratorium on OD and Loan Accounts - 437.009 Contingency Reserve Fund 107.91 107.9110 Revaluation Reserve 1,835.78 1,652.2011 Investment Depreciation Reserve 455.60 455.6012 Overdue Interest Reserve 3,450.48 4,599.53

Capital Adequacy

Your Bank has always given importance to the Capital to Risk Assets Ratio which as per Reserve Bank of India guidelines is a vital financial parameter to assess the financial strength of a Bank. Hence, The Capital to Risk Asset Ratio (CRAR) of the Bank stood at a healthy 9.58% which is above the stipulated/ minimum level of 9%.

Deposit Insurance Cover

Deposit upto Rupees Five Lakhs in respect of each depositor is fully protected by the Deposit Insurance and Credit Guarantee Corporation of India (DI&CGC).

Your Bank has been regular and prompt in payment of insurance premium to the DI&CGC. The Board of Directors confirm that the advance premium has been paid up to 30 /09 /2020.


Loan to Staff

Your Bank has been sanctioning Housing Loans to staff at concessional rate of interest ranging from 5% to 6 ½ % p.a. as the case may be as per the Memorandum of Settlement subject to overall ceiling of 2% NDTL of the Bank. In addition to Housing Loan, your Bank has also been sanctioning Surety Loan to Staff at a concessional rate of 6% p.a. Additionally Bank has also introduced Staff Overdraft (SOD) facility to the staff members carrying interest @ 10.00% p.a. The total outstanding in all the staff loans together aggregates to ` 190.23 Lakhs as on 31/03/2020.

Staff Relations

The Board of Directors would like to place on record their sincere appreciation to the efforts put in by the staff at all levels in rendering good customer service and achieving the present level of progress and growth of the Bank. The relationship between the Management and Employees continues to be cordial. Bank has entered into a Wage Agreement with the Staff Union on 27.11.2019 for the period 01.04.2017 to 31.03.2021.

Staff Training

The Bank deputes management and staff to various training programs conducted by well established institutions like Reserve Bank of India - College of Agricultural Banking, VAMNICOM, NAFCUB etc. The Bank deputed Chief Managers / Sr. Managers / Branch Managers / Officers and other staff to various training programs conducted by these institutes to hone their skills and keep them abreast with the extant guidelines issued by the regulators. Bank is also conducting in-house training programs for all staff periodically. During the year, Bank also conducted In-house training programs for personnel of all cadres of the Bank. The training was imparted by the Head of the Departments (HODs) of respective departments.

NPA Management

Your Bank is according highest priority towards NPA Management. Our aim is to restrict NPAs to the lowest possible levels. Economic slowdown due to the various factors like Demonetisazation and GST implementation has impacted small and medium business enterprises. Your Bank has also found it tough to recover the dues from such small and medium business enterprises who are our core clients.

The Gross NPAs of the Bank has increased from ` 60.25 Crore in March 2019 to `89.88 Crores as on 31.03.2020. In percentage terms, Gross NPA stood at 18.47% as on 31.03.2020 as against 12.45% in March 2019 and Net NPA at 13.27% as against 8.12% during the same period.

Cash & Bank Balance

The Bank maintains requisite cash balance with Reserve Bank of India and sufficient liquid assets were also maintained as per Section 18 and 24 of the Banking Regulation Act, 1949 as applicable to Co- operative Societies.

Treasury Department - Investment Portfolio

Your Bank has an Investment of ` 290.77 Crore as on 31.03.2020, out of which an amount of ` 247.77 Crore has been invested in Government and other approved securities. The Bank’s total investment in Government and other approved securities as on 31.03.2020 works out to 33.13% of the Net Demand and Time Liabilities ( NDTL ) of the Bank as against minimum 18.25% stipulated by the Reserve Bank of India.

Investment made by your Bank in securities, eligible for SLR are held in constituent SGL Account with HDFC Bank Ltd and Non – SLR Investments in Demat Account with Stock Holding Corporation of India Ltd. Your Bank has also deployed surplus funds in Inter – Bank Fixed Deposits with Private, Commercial, Scheduled Co-operative Banks and Small Finance Banks.


Investments made in Government Securities are strictly as per Reserve Bank of India guidelines and adequate SLR has been maintained throughout the year.

Your Bank has appointed State Bank of India and Discount and Finance House of India Ltd (‘SBI DFHI Ltd’) as Treasury Advisors.

Your Bank has shifted ̀ 135.00 Crore face value of Securities from ‘Held to Maturity’ to ‘Available for Sale on the FBIL valuation as of 28th May 2019.

Your Bank has earned a profit of ` 587.30 Lakhs from trading in Government Securities and generated a total income of ` 2,639.45 Lakhs from the Investment portfolio during the year under report.

Priority Sector Lending:

As per RBI guidelines, Urban Co-operative Banks have to achieve Priority Sector @ 40 % of their Adjusted Net Bank Credit (ANBC) and 10% Advances to Weaker Sections. Accordingly, your Bank’s Advances under Priority Sector stands @ 53.08% and Weaker @ 6.15%.

Insurance Business

Your Bank has tied-up with Bajaj Allianz General Insurance Company for General Insurance Business on referral basis. Bank has earned an income of ` 7.04 Lakhs from the said business.

This has not only helped generate income to your Bank but also helped our customers / shareholders to easily avail General Insurance facilities through our Branches.

The Board of Directors seek continued co-operation from the members to strengthen the insurance business with a view to broaden customer base and to augment commission income of the Bank.

Foundation Day

The 75th Foundation Day of the Bank was on 18th March 2020 being a Wednesday and was scheduled to be celebrated on Sunday, 22nd March 2020 in the Mini Hall, Mogaveera Bhavan, Andheri (West). However it could not be celebrated due to the Covid-19 pandemic.

ATM Facility and Rupay Debit Cards

Bank has provided six ATM’s at Andheri-West, Kurla, Goregaon, Ghatkopar, Sakinaka and Fort Branches.

Bank has successfully launched chip based RuPay ATM Cards. More than 25,000 customers of the Bank are using the same and reaping benefits and features of RuPay Card. This card can be accessed at more than two lakhs ATMs across the country and also be swiped at POS anywhere for purchases.

Audit and Inspection

The Books of the Bank were audited by the Statutory Auditors M/s. Dalal & Kala Associates, Chartered Accountants appointed by the Bank from the panel approved by Commissioner for Co- operation and Registrar, Co-operative Societies, Maharashtra State, Pune.

Besides the Statutory Audit, the Bank has also appointed Concurrent Auditors namely:1. M/s. Yashwant & Co. – Chartered Accountants2. M/s. Harish Shetty & Co. – Chartered Accountants3. M/s. J. Gandhi & Co. – Chartered Accountants4. M/s. Sanzgiri Archarya & Associates-Chartered Accountants5. M/s Joshi Sathe & Associates - Chartered Accountants


Your Bank has also been conducting System Audit and Investment Audit as required by Reserve Bank of India.

Internal Audit Department

In order to further strengthen Internal Control System the Bank had also set up a full-fledged Internal Audit Department.

Audit Classification

The Bank has been awarded Audit Class “B” for the year 2019-2020.

Various Ancillary Services to Customers

1) Demand Draft Facility

We are happy to inform the members that Axis Bank is offering us Demand Draft drawing facility. We wish to state that large number of our customers are availing this service to remit their funds to places all over the country.

2) RTGS / NEFT Facilities are available for our customers and members

Bank has tied up with IDBI Bank Ltd. and is offering RTGS/NEFT facilities to all the customers. We have been allotted our own unique IFSC code (IBKL0452MCB).

3) Foreign Exchange facility / Utility Bills Payment Services.

We have also introduced ancillary services like, facilitating purchase/sale of foreign exchange and payment of utility bills for our customers.

4) Safe Deposit Lockers

We are offering Safe Deposit Locker Facility at our following Branches:

i) Andheri (W) v) Andheri (E) ix) Sakinaka

ii) Goregaon (W) vi) Kandivali (W) x) Fort

iii) Borivali (W) vii) Vikhroli (W)

iv) Ghatkopar (E) viii) Dombivili (E)

We request all our members to avail the Safe Deposit Locker Facilities at the aforesaid Branches.

Acknowledgement

The Board of Directors take this opportunity to express their gratitude to all the members, depositors, borrowers and well wishers for their whole hearted patronage.

The Board records its appreciation for all the co-operation extended by the officers of the:

Reserve Bank of India especially the Urban Bank Department and Public Accounts Department

Government of Maharashtra

The Commissioner for Co-operation and Registrar of Co-operative Societies, Maharashtra State, Pune

Divisional Joint Registrar, District Deputy Registrar, Deputy Registrar, Deputy Registrar Co- operative Societies, Mumbai (I) City.


The Board is also thankful to

The Mogaveera Vyavasthapaka Mandali – Sponsors of the Bank

Brihan Mumbai Bankers Clearing House / National Clearing Cell / SBI Cheque Processing Centre

The Statutory Auditors M/s. Dalal & Kala Associates, Chartered Accountants.

The Concurrent Auditors M/s. Harish Shetty & Co. Chartered Accountants, M/s. Yashwant & Co.– Chartered Accountants, M/s. Sanzgiri Acharya & Associates – Chartered Accountants & M/s. J. Gandhi & Co. – Chartered Accountants, M/s. Ashish Ukidve for System Audit, M/s. Yardi Prabhu & Associates LLP – Chartered Accountants for GST Audit.

The Chairman, The Chief Executive Officer and other members of the Brihan Mumbai Nagari Sahakari Banks’ Association, The Maharashtra Urban Co-operative Banks’ Federation Ltd.

The National Federation of Urban Co-op. Banks and Credit Societies Ltd., (NAFCUB) – New Delhi.

The Maharashtra State Co-operative Bank Ltd., Urban Banks Dept., Vashi

The Mumbai District Central Co-op. Bank Ltd.,

Urban Banks’ Dept., Fort, Mumbai 400 001.

Net Tech Services India Private Limited for providing CTS facility.

The Board conveys its sincere thanks to our Bankers:

Reserve Bank of India State Bank of India The Maharashtra State Co-op. Bank Ltd. The Mumbai District Central Co-op. Bank Ltd. Axis Bank Ltd. IDBI Bank Ltd. HDFC Bank Ltd. Bank of India ICICI Bank Ltd.

The Board conveys its sincere thanks to

Bank’s Legal Advisors, Solicitors, Advocates and Consultants

M/s. Annie Fernandes & Associates, M/s. Mahesh Menon & Co.,M/s. Legal Vision, M/s. Rajeshree Shinde & Associates,M/s. M.M. Associates,

M/s. Legaleye Associates M/s. Unisan & Co., M/s. S C Legal.

Adv. O.A.Das & Co.

Advocates S/S C. S. Karkera, K. B. Adhyantaya, Yogendra M. Kanchan, Chandra Naik, Ms. Latika Hegde, , Jayesh Vithlani.,Jaganath Gondkar, Usha Thakur, Aarti Suvarna, Amul Jawale, Nikhil Mahadeshwar (IT Consultants) and SBI DFHI Ltd.(Treasury Consultant).

For and on behalf of the Board of DirectorsSd/-

Place: Mumbai

Date: 25.11.2020 Chairman


Independent Bank Auditor’s ReportTo,The Members,The Mogaveera Co-operative Bank Ltd.,Mumbai.

Report on Financial Statements

1. We have audited the accompanying Financial Statements of The Mogaveera Co-operative Bank Ltd., Mumbai, which comprise the Balance Sheet as at 31st March 2020, Profit and Loss Account and the Cash Flow Statement for the year ended, and a summary of Significant Accounting policies and other explanatory information. The returns of 12 Branches audited by us are incorporated in these financial statements.

Management’s Responsibility for the Financial Statements:

2. Management of the Bank is responsible for the preparation of these Financial Statements that give true and fair view of the financial position and financial performance of the Bank in accordance with the Banking Regulation Act, 1949, Banking Laws (Applicable to Co-operative Societies) Act, 1965 and MCS Act, 1960 and MCS Rules, 1961 and the accounting principles generally accepted in India, including the Accounting Standards issued by the Institute of Chartered Accountants of India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility:

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of an opinion on the effectiveness of the Bank’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Qualified Opinion

The Bank has not considered 27 accounts as Non - Performing advances, the outstanding balance of which is ` 2,838.84 Lakhs and Certain unsecured advances are taken as secured by the bank which is not in conformity with the prudential norms of Reserve Bank of India.

The combined effect of which is increase in gross NPA by 5.84% and shortfall in the provision of ̀ 283.88 Lakhs resulting in understatement of loss by `283.88 Lakhs.


During the period of audit and before finalization of accounts, some of these accounts have been closed, regularized and brought within the sanctioned limits. (Refer Note 5. Advances in Notes to Accounts)

Qualified Opinion:

In our opinion, and to the best of our information and according to the explanation given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, read with the Significant Accounting policies, Notes to the accounts, the Financial statements give the information required by the Maharashtra Co-operative Societies Act, 1960, the Maharashtra Co-operative Societies Rules, 1961 and rules made there under and the Banking Regulation Act, 1949 (as applicable to Co-operative societies) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Bank as at March 31, 2020; and

b) In the case of Profit and Loss Account, of the loss for the year ended on that date;

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date

Emphasis of Matter:

1) As described in the financial results, in accordance with Reserve Bank of India COVID-19 Regulatory Package, ageing of accounts opting for moratorium offered by the Bank and moving into Stage 3 (based on days past due status as of 31 March 2020) has been determined with reference to position as of 29 February 2020. Further, the extent to which the COVID-19 Pandemic will impact the Bank's financial performance is dependent on future developments, which are highly uncertain. Our opinion is not modified in respect of the above matter.

2) We draw attention to the Note 6 (CD with ICICI Bank) in the Notes to the Financial Statements. There is an unreconciled difference of ` 22.53 Lakhs between the Current Account balance as per the books of the bank and balance as per ICICI bank statement of account; we are unable to comment on the nature of such difference and the impact of the same on the books of accounts of the Bank.

Our Report is not qualified in respect of above matter.

Report on Other Legal and Regulatory Requirements

The Balance Sheet and the Profit and Loss Account have been drawn up in Forms “A” and “B” respectively of the Third Schedule to the Banking Regulation Act, 1949 (as applicable to Co-operative societies) and provisions of the Maharashtra Co-operative Societies Act, 1960 and the Maharashtra Co-operative Societies Rules 1961.

Subject to the limitations of the audit as indicated in Paragraphs 3 to 5 above and subject to the Notes to the accounts, we report that:

We further report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of the audit and have found them to be satisfactory.

b) In our opinion, proper books of accounts as required by The Maharashtra State Co. operative Societies Act,1960; MCS Rule,1961; and as required by the Byelaws have been kept by the Bank so far as appears from our examination of those books;


c) The transactions of the bank which have come to our notice have been within the powers of the Bank.

d) The returns received from the branch offices of the bank have been found adequate for the purpose of the Audit.

e) The Balance Sheet and the Profit and Loss Account dealt with by this report, are in agreement with the books of account and the returns.

f) Considering the overall performance of the Bank in various areas like deposit mobilization, advances, recovery of overdues, management, profitability, deployment and management of funds, compliance of various statutory obligations we award ‘B’ class to the Bank for the year 2019-2020.

For, Dalal and Kala AssociatesChartered Accountants

FRN :102017W

CA. Mahendra B. JoshiPartner

M.No. : 036988UDIN : 20036988AAAAAH3279

Place: MumbaiDate: 25/11/2020


BALANCE SHEET

31.03.2019 CAPITAL & LIABILITIES Rupees RupeesSHARE CAPITALAuthorised Capital

250,000,000 25,00,000 Shares of `100/- each 250,000,000 -Subscribed & Paid-up Capital18,15,551 Shares of `10/- each18,25,077 Shares of `100/- each

199,194,390 Individuals & others 200,663,2100 Co-operative Institution 0 200,663,210

RESERVE FUND & OTHER RESERVES114,499,615 Statutory Reserve 114,508,33551,540,000 Building Fund 51,540,00010,791,000 Contingent Reserve Fund 10,791,000

227,856,028 Bad & Doubtful Debts Reserve 291,856,02845,560,000 Investment Depreciation Reserve 45,560,000

166,574 Staff Welfare Fund 166,57418,288,000 Contingency Prov. against STD Assets 12,500,000

183,578,135 Revaluation Reserve 165,220,3220 Contingency Prov. Std. Assets CRE 1,200,0000 Contingency Prov. Std. Assets Housing Loan 6,100,0000 Provision for Moratorium A/cs on OD & Loan A/cs. 43,700,000

652,279,353 743,142,259DEPOSIT & OTHER ACCOUNTS(i) Fixed Deposits

1,343,031,695 1. Individuals 1,438,553,6190 2. Central Co-op. Banks 0

31,454,610 3. Other Societies 50,538,4851,374,486,305 1,489,092,104

(ii) Saving Deposits1,957,834,614 1. Individuals 1,751,877,583

0 2. Central Co-op. Banks 062,953,837 3. Other Societies 48,908,695

2,020,788,451 1,800,786,279(iii) Current Deposits

377,911,035 1. Individual 293,462,2283,668,626 2. Other Societies 1,612,832

381,579,661 295,075,060(iv) Recurring Deposits

95,044,591 1. Individual 111,304,80817,041 2. Other Societies 678,350

95,061,632 111,983,158851,473,743 carried forward 943,805,469


As on 31st March 2020

31.03.2019 PROPERTY & ASSETS Rupees Rupees

CASH AND BANK BALANCES

18,401,976 Cash on Hand 22,127,352

ATM Cash Account 2,601,500 24,728,852

214,527,417 CD with Reserve Bank of India 171,092,796

Current Deposits with :

232,470 SCB/DCCB : SCHEDULE - I 233,132

11,807,989 SBI and Notified bank : SCHEDULE - II 22,769,658

238,254,169 Pvt. and Comm. Bank : SCHEDULE -III 258,292,345

250,294,628 281,295,135

0 MONEY AT CALL & SHORT NOTICE 0 0

INVESTMENTS

2,940,319,756 Central & State Govt. Securities & T-Bills 2,477,742,469

Face Value 2,515,000,000

Market Value 2,486,283,330

99,794,000 Non-SLR Investments 79,794,000

21,750 Shares & Debentures 21,750

0 Mutual Funds 0

3,040,135,506 2,557,558,219

FIXED DEPOSIT WITH

102,500,000 Urban Co-op. Bank : SCHEDULE – IV 300,000,000

50,145,727 Pvt. and Comm. Bank : SCHEDULE -V 50,161,356

152,645,727 350,161,356

3,192,781,233 2,907,719,575

LOANS AND ADVANCES

(i) Short Term Loans

1,586,872,654 (a) Secured against Tangible Security 1,540,490,628

0 (b) Unsecured Loans 0

1,586,872,654 1,540,490,628

Amount due from

Individuals 911,176,212

Amt overdue 312,904,487

3,676,005,254 carried forward 3,384,836,358


BALANCE SHEET

31.03.2019 CAPITAL & LIABILITIES Rupees Rupees851,473,743 brought forward 943,805,469

(v) Laxmi Daily Deposits123,357,081 1 Individual 102,147,331

0 2 Other Societies 0123,357,081 102,147,331

(vi) Matured FD1,297,638 1 Individual 1,297,638

0 2 Other Societies 01,297,638 1,297,638

(vii) Akshaya/Kshema Samridhi /MMS3,639,629,376 1 Individual 3,542,156,682

56,444,632 2 Other Societies 87,413,8993,696,074,008 3,629,570,581

(viii) Non-Operative Accounts17,500 1 Individual 17,500

0 2 Other Societies 017,500 17,500

(ix) Other Deposits57,990 1 Individual 66,720

0 2 Other Societies 057,990 66,720

7,692,720,265 7,430,036,372BORROWING FROM

24,907,831 i) IDBI Bank Ltd. 060,000,000 ii) PMC Bank 084,907,831 0

3,852 BILLS FOR COLLECTION (As per contra) 0345,047,593 OVERDUE INTEREST RESERVE (As per contra) 459,953,452

4,548,057 INTEREST PAYABLE ON DEPOSITS 2,076,478OTHER LIABILITIES

32,019,149 Pay Order 11,951,3951,417,000 Audit Fee Payable 1,333,000

23,226,416 Sundry Liabilities 24,544,0260 Advance received against Sale of Property 11,550,000

36,298,773 Leave Encashment payable 28,410,00023,520,918 Provision for Income Tax Payable 59,356,406

269,000 Contingent Liabilities for LDD 269,000116,751,256 137,413,827

9,095,452,597 carried forward 8,973,285,597



31.03.2019 PROPERTY & ASSETS Rupees Rupees3,676,005,254 brought forward 3,384,836,358

(ii) Medium Term Loans387,332,807 (a) Secured against Tangible Security 345,906,660

117,945 (b) Unsecured Loans 117,945387,450,752 346,024,605

Amount due from Individuals 241,708,625 Amt overdue 84,394,339

(iii) Long Term Loans2,865,873,999 (a) Secured against Tangible Security 2,978,846,756

0 (b) Unsecured Loans 02,865,873,999 2,978,846,756

Amount due from Individuals 250,73,77,151 Amt overdue 24,17,00,553

4,840,197,404 4,865,361,990

INTEREST RECEIVABLE58,720,481 On Investments 13,560,979

1,887,111 On other Deposits 4,691,66360,607,592 18,252,642

Borrowings From:i. The IDBI Bank Ltd. 66,243ii. PMC Bank Ltd. 4,684,900iii. Suryoday Small Finance Bank Ltd. 122,308 4,873,450

4,932,178 BRANCH ADJUSTMENT 4,559

3,852 BILLS FOR COLLECTION (As per contra) 0

345,047,593 INTEREST RECEIVABLE ON LOANS & ADV. (NPA) (As per contra)

459,953,452

8,926,793,875 carried forward 8,733,282,450


BALANCE SHEET

31.03.2019 CAPITAL & LIABILITIES Rupees Rupees

9,095,452,597 brought forward 8,973,285,597

0 BRANCH ADJUSTMENT 0

0 CLEARING HOUSE ACCOUNT 0

99,503,405 PROVISION FOR GRATUITY 96,871,967

CONTINGENT LIABILITIES

Bank Liabilities for Guarantee Issued on

behalf of the customers for ` 3,781,538.30) (Previous year `2,985,538.30)

Bank Liability in respect of amount transferred to DEAF A/c

Opening balance of Account transferred to

DEAF (2018-19) ` 20,715,518.80

Add: Amount transferred during the Current

Year (2019-20) ` 17,752,893.37

Less: Claim reimbursed during the Current

Year (2019-20) ` 420,662.03

Closing Balance of Account transferred to

DEAF (2019-20) ` 38,047,750.14

9,194,956,002 carried forward 9,070,157,564


As on 31st March 202031.03.2019 PROPERTY & ASSETS Rupees Rupees

8,926,793,875 brought forward 8,733,282,450 PREMISES

238,510,038 Balance as per last Balance Sheet 190,334,631 1,455,652 Additions during the year 0

239,965,690 190,334,631 26,846,274 Less : Revaluation res deducted on sale of premises 0

1,514,777 Less: Deduction during the year 0 211,604,639 190,334,631 20,397,571 Less: Depreciation on Revaluation Reserve 18,357,813

872,437 Less: Depreciation on Premises 675,580 190,334,631 171,301,238

CIVIL WORKS 10,985,373 Balance as per last Balance Sheet 8,624,709

79,060 Additions during the year 0 11,064,433 8,624,7091,485,815 Less : Deduction during the year 0

953,909 Less: Depreciation 862,471 8,624,709 7,762,238

FURNITURE & FIXTURES 18,308,282 Balance as per last Balance Sheet 15,648,187

212,830 Additions during the year 50,251 18,521,112 15,698,438 1,146,061 Less: Deduction during the year 0 1,726,864 Less: Depreciation 1,567,331

15,648,187 14,131,107 ELECTRICAL FITTINGS

1,976,423 Balance as per last Balance Sheet 1,542,101 0 Additions during the year 0

1,976,423 1,542,101 162,186 Less: Deduction during the year 0 272,136 Less: Depreciation 231,315

1,542,101 1,310,786 OFFICE EQUIPMENTS

2,098,372 Balance as per last Balance Sheet 1,732,999 142,334 Additions during the year 35,943

2,240,706 1,768,943 205,052 Less: Deduction during the year 0 302,655 Less: Depreciation 265,341

1,732,999 1,503,602 SAFE DEPOSIT LOCKERS

1,353,078 Balance as per last Balance Sheet 1,217,770 0 Additions during the year 0

1,353,078 1,217,770 135,308 Less: Depreciation 121,777

1,217,770 1,095,9938,926,793,875 carried forward 8,733,282,450


BALANCE SHEET


9,194,956,002 brought forward 9,070,157,564

9,194,956,002 carried forward 9,070,157,564




VEHICLE912,082 Balance as per last Balance Sheet 729,666

0 Additions during the year 0912,082 729,666

0 Less: Deduction 0912,082 729,666

182,416 Less: Depreciation 145,933729,666 583,733

CORE BANKING - Hardware1,584,147 Balance as per last Balance Sheet 3,105,2893,745,808 Additions during the year 4,153,9055,329,955 7,259,194

171,240 Less: Deduction during the year 02,053,426 Less: Depreciation 2,837,8913,105,289 4,421,303

AIR CONDITIONER3,093,763 Balance as per last Balance Sheet 2,669,077

290,275 Additions during the year 397,9833,384,038 3,067,060

255,883 Less: Deduction During the year 179,131459,078 Less: Depreciation 416,493

2,669,077 2,471,436

CORE BANKING - Software3,790,796 Balance as per last Balance Sheet 3,580,4912,918,075 Additions during the year 414,1986,708,871 3,994,689

166,667 Less: Deduction During the year 02,961,713 Less: Depreciation 2,585,9493,580,491 1,408,740

8,926,793,875 carried forward 8,733,282,450


BALANCE SHEET


9,194,956,002 brought forward 9,070,157,564

9,194,956,002 carried forward 9,070,157,564


As on 31ST MARCH 2020


ATM MACHINE857,242 Balance as per last Balance Sheet 654,992218,000 Additions during the year 413,300

1,075,242 1,068,292Less : Deduction 36,333

420,250 Less: Depreciation 536,416654,992 495,543

MTNL Lease Line for Core Banking1,285,687 Balance as per last Balance Sheet 1,164,705

103,430 Additions during the year 01,389,117 1,164,705

95,000 Less: Deduction During the Year 0129,412 Less: Depreciation 116,471

1,164,705 1,048,234

COMPUTER HARDWARE & OTHERS1,604,187 Balance as per last Balance Sheet 1,714,0811,203,927 Additions during the year 136,1782,808,114 1,850,259

1,094,033 Less: Depreciation 1,206,5531,714,081 643,706

COMPUTER SOFTWARE & OTHERS834,952 Balance as per last Balance Sheet 561,600383,154 Additions during the year 0

1,218,106 561,600356,715 Less: Deduction During the Year 0299,791 Less: Depreciation 319,014561,600 242,586

AO AUTOMATION

963,832 Balance as per last Balance Sheet 00 Additions during the year 0

963,832 0963,832 Less: Deduction During the Year 0

0 Less: Depreciation 0233,280,298 0 208,420,245

9,160,074,173 carried forward 8,941,702,695


BALANCE SHEET


9,194,956,002 brought forward 9,070,157,564

PROFIT & LOSS ACCOUNT

65,852,753 Profit & Loss as per last Balance sheet

0 Less: Appropriations

65,852,753

0 Less: Loss as per Profit & Loss A/c (Last Year)

65,852,753

66,948,166 Add: Profit as per Current Year Balance Sheet

1,095,413

9,196,051,415 TOTAL RUPEES 9,070,157,564

As per our report of even dateM/s Dalal & Kala AssociatesChartered AccountantsFRN: 102017W

Sd/- Sd/-M.B.Joshi Shri Partner Chief Executive OfficerM.No. 036988

Shri Sadanand A. KotianChairman

Place: MumbaiDated : 25.11.2020 Shri Dharmapala P.UDIN: 20036988AAAAAH3279 Vice–Chairman


As on 31ST MARCH 2020


OTHER ASSETS21,742 Stamps on hand 16,693

362,821 Stock of Printing & Stationery 691,76115,000,000 Advance Tax Paid 47,200,000

8,616,288 Security Deposits 8,616,7884,858,258 Provision for Cyber Fraud 04,145,540 Tax Paid under Protest A.Y. 2011-12 4,145,5402,972,593 Miscellaneous Assets 12,732,871

35,977,243 73,403,653PROFIT & LOSS ACCOUNTProfit & Loss as per last Balance sheet 1,095,413Less: Appropriations 0

1,095,413Less: Loss as per Profit & Loss A/c (Last Year) 0

1,095,413Add: Loss as Current Year Balance Sheet 56,146,629 55,051,216

9,196,051,415 TOTAL RUPEES 9,070,157,564

DIRECTORSFor and on behalf of the Board Shri Gopal S. Puthran

Shri Suresh R. Kanchan.Shri Purushottam S. Shriyan

Shri Sadanand A. Kotian Shri Damodar D. KarkeraChairman Shri Janardhan T. Mulki

Shri Bhaskar N. KanchanShri Jaysheel B. ThingalayaShri Mukesh K. BangeraShri Jagdish J. Kanchan

Shri Dharmapala P. Smt. Sheela I. AminVice–Chairman Shri Arun H. Gaikwad

Shri Vasudev J. TandelShri G.M. TandelShri. Madhav C. KanchanShri. Vasant R. KunderShri Yaduveer B. Puthran


PROFIT & LOSS ACCOUNT31.03.2019 EXPENDITURE Rupees

` `464,442,754 Interest on Deposits & Borrowings 474,207,111156,429,744 Salary & Allowance 181,749,798

883,347 Directors Fees & Allowances 817,23223,196,740 Rent Rates & Taxes 24,201,628

3,439,400 Legal Charges 1,904,0741,820,735 Postage Telegram and Telephone 1,739,3522,617,048 Audit Fees 2,195,5362,686,736 Printing Stationery & Advertisement 2,155,874

11,671,259 Depreciation on Fixed Assets 11,888,5346,837,481 Commission Paid to LDD Agents 6,647,4633,226,925 Repairs & Maintenance 2,908,040

27,990,819 Other Expenses 31,653,114917,219 Amortisation of Premium on Investments 175,287

8,366,464 DICGC Premium 8,492,1331,000,000 Contingent Prov for STD Assets 1,000,000

23,520,918 Provision for Income Tax 35,835,4880 Provision for Standard Asset - Housing Loan 6,100,0000 Provision for Standard Asset for CRE 1,200,0000 Provision for Moratorium A/cs on OD & Loan A/cs 43,700,000

37,500,000 Provision for BDDR 64,000,00066,948,166 Balance of Profit carried to Balance Sheet 0

843,495,754 TOTAL RUPEES 902,570,664

As per our report of even dateM/s Dalal & Kala AssociatesChartered AccountantsFRN: 102017W

Sd/- Sd/-M.B.Joshi Shri Partner Chief Executive OfficerM.No. 036988

Shri Sadanand A. KotianChairman

Place: MumbaiDated : 25.11.2020 Shri Dharmapala P.UDIN: 20036988AAAAAH3279 Vice–Chairman


FOR THE YEAR ENDED 31ST MARCH 2020

31.03.2019 INCOME Rupees Rupees` ` `

Interest and Discount522,090,908 Loans and Advances 527,666,802255,437,336 Investments 205,216,210777,528,244 732,883,012

2,113,750 Profit on Sale of Investments 58,729,6702,246,721 Commission & Brokerage 2,374,4711,736,911 Locker Rent Received 1,933,207

14,585,223 Profit on Sale of Fixed Assets 37,62638,859,905 Miscellaneous Receipts 30,789,274

6,425,000 Reversal of Excess IDR 00 Reversal of Contingent Provision to Standard Asset 6,788,0000 Reversal of Excess Provision of Leave Encashment

Payable A/c12,888,773

0 Balance of Loss carried to Balance sheet 56,146,629

843,495,754 TOTAL 902,570,664

DIRECTORSFor and on behalf of the Board Shri Gopal S. Puthran

Shri Suresh R. Kanchan.Shri Purushottam S. Shriyan

Shri Sadanand A. Kotian Shri Damodar D. KarkeraChairman Shri Janardhan T. Mulki

Shri Bhaskar N. KanchanShri Jaysheel B. ThingalayaShri Mukesh K. BangeraShri Jagdish J. Kanchan

Shri Dharmapala P. Smt. Sheela I. AminVice–Chairman Shri Arun H. Gaikwad

Shri Vasudev J. TandelShri G.M. TandelShri. Madhav C. KanchanShri. Vasant R. KunderShri Yaduveer B. Puthran


I CURRENT DEPOSITS WITH:31.03.2019 31.03.2020

A SCB of the State/DCB of the District : SCHEDULE – I 232,470 233,1321) Maharashtra State Co-operative Bank. 67,025 67,0812) Mumbai District Co-operative Bank. 165,445 166,051

B SBI/NOTIFIED BANKS : SCHEDULE – II 11,807,989 22,769,6581) State Bank of India 297,417 297,4172) Bank of India 11,510,572 22,472,241

C PVT/ COMMERCIAL BANKS : SCHEDULE – III 238,254,169 258,292,3451) HDFC Bank 316,959 316,9592) ICICI Bank (RuPay card) 16,866,464 42,616,0983) Federal Bank 332,007 24,3804) IDBI Bank 218,540,637 177,062,7425) Axis Bank (UTI Bank) 2,198,102 2,176,5056) HDFC Bank - Treasury (CSGL) 0 36,095,660TOTAL 250,294,628 281,295,135

II FIXED DEPOSITS WITH:A URBAN CO-OP BANKS : SCHEDULE – IV 102,500,000 300,000,000

Punjab & Maharashtra Co-op. Bank Ltd. 100,000,000 100,000,000NKGSB Co-operative Bank Ltd. 2,500,000 0Suryoday Small Finance Bank Ltd 0 150,000,000Ujjivan Small Finance Bank Ltd. 0 50,000,000

B PVT/ COMMERCIAL BANKS : SCHEDULE – V 50,145,727 50,161,3561) IDBI Bank 50,145,727 50,161.356

TOTAL 152,645,727 350,161,356


ANNEXURE – ‘A’

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE FINANCIAL STATEMENTS AS ON 31st MARCH, 2020

I. BACKGROUND: -

THE MOGAVEERA CO-OPERATIVE BANK LTD., was incorporated on 04-01-1946. The Bank provides services through Eleven Branches and an Administrative office. The area of operation of the Bank as per the bye laws is entire state of Maharashtra.

II. BASIS OF PREPARATION: -

Basis of Accounting

The financial statements have been prepared by following going concern concept on historical cost convention and on the accrual basis of accounting unless otherwise stated, and in accordance with generally accepted accounting principles and confirm to the statutory requirements prescribed under the Banking Regulation Act, 1949, circulars issued by the Reserve Bank of India (RBI) from time to time and current practices prevailing within the banking industry in India.

Use of Estimates

The presentation of the financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

III. SIGNIFICANT ACCOUNTING POLICIES: -

i. Accounting Convention:

The financial statements are drawn up in accordance with the historical cost convention and on going concern basis. They are in conformity with generally accepted principles and practices prevailing in India, Statutory provisions and guidelines issued by RBI, Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) except where otherwise stated.

ii. Revenue Recognition:

a. Income from NPA is accounted on cash basis on realization as per guidelines issued by the RBI.

b. Interest for usance period in the case of Bills Discounted under Letter of Credit is recognized on cash basis at the time of discounting of bills. Interest on overdue bills is recognized at the time of its realization.

c. Dividend on investment, commission, incidental charges, services charges are accounted on cash basis.

d. Ex-gratia to employees, Director’s fees and allowances is paid on cash basis.

iii. Advances:

a. The bank has classified advances as per prudential norms on Income recognition and Assets classification laid down by RBI into three categories as under:


- Standard Assets

- Sub-Standard Assets

- Doubtful and Loss Assets

The Provision for each category is made in accordance with prudential norms.

b. Overdue interest in respect of NPA is shown as overdue interest reserve – as per guidelines of RBI.

iv. Investments :

In accordance with the RBI directives, the bank has classified its investments portfolio into following categories as on 31st March, 2020.

a) Held to maturity (HTM)

Comprising of investments acquired with the intention to hold them till maturity.

b) Held For Trading (HFT)

Comprising of investments acquired with the intention to trade.

c) Available For Sale (AFS)

Comprising of investments not covered by (a) & (b) above.

The valuation of investments in the above categories has been done as follows:

Held to maturity (HTM):

Investments in HTM category are carried at cost of acquisition. The premium if any, paid on acquisition is amortized over the balance period of maturity.

Held For Trading (HFT) and Available For Sale (AFS):

Investments made under this category are valued at market rates as stipulated in FBIL Guidelines and net depreciation in each category, if any is provided and net appreciation in each category is ignored.

Amortization:

Premium on acquisition of Government Securities under HTM category has been amortized over the balance period of maturity. The bank has the practice of debiting amortized premium to Profit & Loss Account.

The valuation of investments in Government Securities is determined as per the rates quoted in the FBIL Guidelines.

v. Foreign Exchange Transaction:

Bank does not have any foreign exchange transaction.

vi. Fixed Assets:

Fixed Assets are stated at their written down value.

Depreciation on Fixed Assets is charged on written down value (WDV) basis as per the rates determined by the management except in the case of computer Hardware and Software where


the depreciation is charged as per Straight Line Method (SLM) as stipulated by the RBI. The rates of depreciation charged on various assets are as under:

Premises 10% (WDV)

Civil Works 10% (WDV)

Furniture & Fixtures 10% (WDV)

Electrical Fittings 15% (WDV)

Office Equipments 15% (WDV)

Vehicle 20% (WDV)

Air conditioner 15% (WDV)

Safe deposit vaults 10% (WDV)

MTNL Lease Line 10% (WDV)

Computer Hardware &Software 33.33% (SLM)

Core Hardware & Software 33.33% (SLM)

ATM Machine 33.33% (SLM)

AO Automation 33.33% (SLM)

Depreciation on fixed assets purchased during the year is charged for entire year if the asset is purchased and retained for 180 days or more, otherwise it is charged at 50% of the normal rate.

No Depreciation is charged in case of Assets disposed during the Year. Profit / Loss on sale of asset is recognized in the year of sale / disposal.

Accounting Standard 10 issued by the Institute of Chartered Accountants of India relating to Accounting for Fixed Assets and depreciation requires for disclosure of gross and net values of assets and accumulated depreciation thereon.

vii. Staff Retirement Benefits: (AS -15)

a. Provident Fund contributions are made to Government Provident Fund on actual basis.

b. Bank follows the procedure of obtaining Actuarial valuation of gratuity liability towards employees and making provision accordingly.

c. Bank follows the practice of obtaining Actuarial valuation of liability towards Leave encashment to employees and making provision accordingly.

viii. Lease Rent (AS 19)

Lease rental obligations for assets taken on operating lease are recognized in the Profit and Loss account over the lease term. Initial direct costs are charged to the Profit and Loss account.

ix. Accounting for Provisions, Contingent Liabilities:

As per Accounting Standard 29, Provisions, Contingent Liabilities and Contingent Assets issued by the Institute of Chartered Accountants of India, the bank recognizes provisions only when it has a present obligation as a result of past events and the existence of which will be


confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Bank.

Contingent Assets are not recognized since this may result in the recognition of income that will never be realized.

x. Taxes on Income (AS 22)

Provision for current tax is made on the basis of estimated taxable income for the year.

Deferred tax is recognized, subject to consideration of prudence in respect of tax effects of timing differences between accounting income and taxable income for the period in respect of items of income and expenses that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax Assets and Liabilities are measured using the enacted or substantially enacted tax rates at the Balance Sheet date. Deferred tax Assets recognized only to the extent there is reasonable certainty that the Assets can be realized in future.

IV. NOTES TO THE ACCOUNTS:

1. FIXED ASSETS:

The Premises owned by the Bank have been revalued in the previous year. The details of the Fixed Assets (Premises) is as under :

(` in Lakhs)

Particulars Amount

Opening Balance 1903.35

Add: Addition during the year (Civil Work of owned premises capitalized) 0.00

1903.35

Less: Revaluation Reserve deducted on Sale of Premises 0.00

Less: Premises sold during the year 0.00

1903.35

Less: Depreciation on Revaluation Reserve (183.58)

Less: Depreciation on Premises (6.76)

Closing Balance 1713.01

Accounting Standard10 issued by the Institute of Chartered Accountants of India relating to Accounting for Fixed Assets and depreciation requires for disclosure of gross and net values of assets and accumulated depreciation thereon. However as per the format applicable to the Co-operative Banks, the above disclosures are not made in the accounts and to that extent, the disclosure norms of the Accounting Standards as referred above have not been followed. However, the same has no impact on the results of the bank.


2. RETIREMENT BENEFITS (AS-15): GRATUITY:

As per Accounting Standards 15 with regards to Retirement Benefits, the Provision for Gratuity is made on the basis of Actuarial valuation of liability towards Gratuity. As per the Acturial valuation obtained by the Bank, the liability for Gratuity is estimated at ` 968.72 Lakhs The provision made by the bank as on 31.03.2020 stood at ` 968.72 Lakhs. Thus Bank has made provision for the same.

LEAVE ENCASHMENT:

As per Accounting Standard 15 with regards to Retirement benefits, bank has obtained Actuarial valuation of liability towards Leave Encashment Payable to employees as on 31.03.2020. As per the valuation, the liability was estimated at ` 284.10 Lakhs. The Bank has made adequate provision for the same.

3. INVESTMENTS:

The investment portfolio is as follows:

(` in Lakhs)

Category As on 31.03.2019 As on 31.03.2020Type Book

ValueMarket Value

Face Value

Book Value

Market Value

Face Value

HTM 18,413.30 18,187.58 18,668.40 4,489.99 4,575.40 4,500.00HFT - - - - - -AFS 11,988.06 11,554.10 12,000.22 21,085.59 21,123.40 21,450.22

a) Premium paid on Government Securities was amortized through profit & loss account over the period of maturity.

b) Investment Fluctuation Reserve:

In compliance with the Master circular issued by the RBI on management of Investment Portfolio, Bank should build up IFR out of realized gains on sale of investments, and subject to available net profit, of a minimum 5 percent of the Investment Portfolio. This minimum requirement should be computed with reference to investment in two categories viz Held for Trading and Available for Sale. It will not be necessary to include investment under Held to Maturity category for the purpose. The Investment Portfolio of the Bank under the two categories Held for Trading and Available for Sale as on 31st March 2020 is ` 210.85 Crores. The Bank is required to make a provision of ` 10.54 Crores as required as per the norms of the Reserve Bank of India as stated above. Bank shall build required provisions in the coming years.

c) Investment Depreciation Reserve:

As per RBI circular DCBR. BPD (P-CB).MC.No. 4/16.20.000/2015-16, Investment Depreciation Reserve required to be created on account of depreciation in the value of investments held under 'AFS' or 'HFT' categories in any year should be debited to the Profit & Loss Account. Accordingly the Bank has created Investment Depreciation Reserve amounting to ` 455.60 Lakhs.


4. ANCILLARY BUSINESS

The Bank has tied up with Bajaj Alliance General Insurance Company for general Insurance business on referral basis. Bank has earned an income of ̀ 7.04 Lakhs from the said business.

5. ADVANCES

i. The Bank has not considered 27 advances accounts, showing signs of irregularities, for classification as Non - Performing Advances as on31.03.2020 as per the prudential norms laid down by the RBI to the extent of ` 2838.84 Lakhs.

Out of the above mentioned 27 accounts:-

a. 3 advances accounts were closed after the Balance sheet date but before the finalization of accounts. The total amount of such outstanding advances accounts closed after the Balance sheet date is `40.43 Lakhs.

b. 6 Advances accounts which were showing signs of irregularities as on 31.03.2020 have been regularized after the Balance Sheet date but before the finalization of accounts. The total amount of such outstanding advances regularized after the Balance sheet date is `666.78 Lakhs.

c. 1 account was showing outstanding exceeding the sanctioned limit due to application of interest. The amount outstanding is `201.03 Lakhs.

d. 17 advances accounts were still showing signs of irregularities as on the date of finalization of accounts. However the Management of the Bank has assured to get these accounts regularized and solve the deficiencies as per the assurances given by the borrowers. The total amount of such outstanding advances as on Balance sheet date is `1930.60 Lakhs.

ii. The bank had considered Fourteen (14) existing Non-Performing Advance accounts to Standard accounts as on 31.03.2020 as these accounts were closed/regularised before finalization of books, which is not in conformity with the prudential norms laid down by the RBI. The total amount of outstanding advances not classified as Non-Performing advances is ` 387.66 Lakhs as on 31st March 2020.Thus the Bank has saved the provision of `29.89 Lakhs

iii. As described in the consolidated financial results, in accordance with Reserve Bank of India COVID-19 Regulatory Package, ageing of accounts opting for moratorium offered by the Bank and moving into Stage 3 (based on days past due status as of 31 March 2020) has been determined with reference to position as of 29 February 2020. Further, the extent to which the COVID-19 Pandemic will impact the Company's financial performance is dependent on future developments, which are highly uncertain.

iv. (a) The Bank has identified 252 Term loan accounts which were in default as on 29.02.2020but standard and availed the relief of Covid-19 under the circular No. DOR.N0.BP.BC.47/21.04.048/2019-20 dated 27th March, 2020 of Reserve Bank of India and having outstanding balance of ` 54.28 Crore as on 29.02.2020. The Bank has made the provision of ` 2.71 Crore being the 5% of the said outstanding. The balance provision of ` 2.71 Crore shall be provided in the accounts during the year 2020-21.


(b) The Bank has identified 25 working capital accounts which were irregular as on 29.02.2020 but standardand availed the relief of Covid-19 under the Circular No. DOR.No.BP.BC.47 /21.04.048/2019-20 dated 27th March, 2020 of Reserve Bank of India having outstanding balance of `32.93 crore as on 29.02.2020. The Bank has made the provision of `1.65 crore being the 5% of the said outstanding as per RBI guidelines. The balance provision of `1.65 crore shall be provided in the accounts during the year 2020-21.

(c) All the accounts which were regular as on 29.02.2020 but availed the relief under Covid-l9 and hence irregular as on 31.08.2020 will be regularized by December 2020 or will be restructured as per the Circular No- DOR.No.BP.BC.71/21.04.048/ 2O19-2O dated May 23, 2020 by the Reserve bank of India. In all such restructured accounts provision of 10% of the irregular amount shall be made during the year 2020-21.

6. CD with ICICI Bank

As on 31st March, 2020 there is an un-reconciled difference in the CD balance with ICICI Bank as follows:

(` in Lakhs)

Particulars As on 31.03.2019

As on 31.03.2020

Balance as per General Ledger 168.66 426.16Balance as per ICICI Bank statement 207.23 448.69Difference 38.57 22.53

The Bank is in the process of reconciliation of these difference.

7. SHARE CAPITAL

As per resolution in AGM dated 2nd November 2002, members have approved the face value of shares be increased to `100/- each from `10/- each. However as on date of Balance sheet 18,15,551 shares of ` 10/- each has not yet been converted into face value of ` 100/- each.

8. CONTINGENT LIABILITY:

a. Bank Guarantee:

Contingent Liability towards Guarantees issued by the bank is ` 37,81,538.30 (Previous Year ` 29,85,538.30)

b. Disputed Income Tax Liability :

The Income Tax Department has raised a demand of ` 2,07,27,700/- against the Bank as short payment for F.Y. 2011-2012. The Bank has challenged the said demand and appealed against the order by paying 20% of the claim i.e. ` 41,45,540/- under protest on 07/05/2018.


c. Depositor Education and Awareness Fund Account:-

As per the RBI Master Circular No. DBOD.NO.DEAF Cell.BC.101/30.01.002/2013-14 dated March 21, 2014, the bank has to transfer cumulative balances in all accounts along with interest prior to May 24, 2014 to Depositors Education Awareness Fund.

The amount transferred to DEAF are as under: (Amount in `)

Particulars 2019-2020Opening balance of account transferred to DEAF 20,715,518.80Add: Amount transferred to DEAF during the year 17,752,893.37Less: Amount reimbursed by DEAF towards claim 420,662.03Closing balance of amount transferred to DEAF 38,047,750.14

d. Others

The Bank has received a demand notice from Municipal Corporation (BMC) for payment of Property tax and Repair cess Tax amounting to ` 1,166.04 Lakhs which is contested by the Bank (as not tenable being a sub tenant) in Nawab Building before the Small Causes Court. The Small Causes Court vide their order dated 11.01.2018 has ruled in favour of the bank as far as directing BMC to fix correct rateable value of the property as reduced and issue modified bills.

9. SEGMENT REPORTING (AS-17)

The disclosure under Accounting Standard -17 on “Segment Reporting” issued by ICAI is as follows:

(` in Lakhs)Previous Year Figure

Particulars Treasury Other Banking Operation

Total as on 31.03.2020

8,434.95 Revenue 2,639.46 5,824.78 8,464.24100 Result % 31.18 68.82 100

7,145.26 Segment Cost 7,517.361,289.70 Operating Profit / Income 946.88

385.00 Less:- Unallocated Expenditure

0.00 1,150.00 1,150.00

904.69 Profit Before Tax -203.12235.20 Income Tax 358.35669.49 Net Profit After Tax -561.47

Other Information88,510.00 Segment Assets 29,077.20 57,024.85 86,102.05

3,450.51 Unallocated Assets 0.00 0.00 4,599.5391,960.51 Total Assets 0.00 0.00 90,701.5888,510.00 Segment Liabilities 455.60 85,646.45 86,102.05

3,450.00 Unallocated Liabilities 0.00 0.00 4,599.5391,960.51 Total Liabilities 0.00 0.00 90,701.58

10. The disclosure under AS- 18 on Related Party Disclosures:

The Bank is a Co-operative Society registered under The Maharashtra Co-operative Society Act 1960 and there are no related parties requiring disclosure under Accounting Standard 18 issued by ICAI other than key management personnel i.e. CEO of the Bank.


11. Accounting for Leases ( AS – 19):

Operating Lease comprises of Leasing of Office premises.

Disclosure as per AS-19 is as under:

(` in Lakhs)

Sr. No.

Particulars Current Year

1. Future Lease Rent payable at the end of the year - not later than one year

185.11

2. Later than one year and not later than five years 755.833. Later than five years 24.274. Total minimum lease payment recognized in the Profit and Loss

account of the year181.18

5. Total of future minimum sub lease payments expected to receive under non-cancelable sub lease

Nil

6. Sub lease payments recognized in the Profit and Loss account for the year

Nil

12. IMPAIRMENT OF ASSETS (AS-28)

The bank has ascertained that there is no material impairment of any of its assets and as such no provision under Accounting Standard 28 on impairment of Assets (AS - 28) issued by the ICAI is required.

13. CURRENT TAX & DEFERRED TAX (AS - 22)

Income Tax:

Bank has provided for Income Tax Liability for the Assessment Year 2019-20 to the tune of ` 358.35 Lakhs.

Deferred Tax:

The bank has not recognized the Deferred Tax Liability/Asset in the accounts as required under Accounting Standards 22 issued by the Institute of Chartered Accountants of India

14. CASH FLOW STATEMENT (AS- 3):

Cash Flow Statement for the Year Ended 31st March 2020 (` in Lakhs)

Particulars 2018-19 2019-20Amount Amount Amount Amount

A Cash Flow from operating activitiesIncrease in Profit 1457.29 -1230.95Increase in Deposits -43.93 -2626.84Increase in Advances -5446.26 -251.65Increase/Decrease in investment 5848.04 2850.62Decrease in Branch Adjustment 43.58 49.28


Particulars 2018-19 2019-20Amount Amount Amount Amount

Increase in Reserve & Surplus -986.99 908.63Increase in Interest Payable -2.11 -24.72Increase in Interest Receivable 46.62 423.55Increase/Decrease in Other Asset -232.72 -374.26Increase in Other Liability 453.43 206.63Decrease in Accumulated Profit -787.81 669.48Increase in Gratuity 142.52 -26.32Increase in Clearing House Account

0.00 0.00

Net Cash Outflow from Operating -965.64 1804.40B Cash Flow for Investing

ActivitiesIncrease in Fixed Assets 548.78 248.60Net Cash Flow from Investing Activities

548.78 248.60

C Cash Flow from Financing ActivitiesIncrease in Share Capital 122.92 14.69Decrease in Borrowings -1000.16 -897.81Net Cash Flow from Financial Activities

-877.24 -883.12

Net Increase in cash & cash 163.20 -61.07equivalent(A+B+C)Cash and Cash equivalents at the 4669.04 4832.24beginning of the periodCash and Cash equivalents at the end of the period

4832.24 4771.17

Net Increase in Cash and Cash equivalent

163.20 -61.07

15. Figures for the previous year has been re-grouped wherever necessary to make them comparable with the current year.

16. The Bank has migrated its Core Banking Software from Omni Software 3.0 to Swift Core 6.3 on 13th January 2020. The Bank carried out Migration Audit in this respect to rule out Data Inconsistency and ensure proper conversion of data to the new software. The Draft Migration Audit Report observed certain discrepancies and compliance for the same has been done subsequently.


V. ADDITIONAL DISCLOSURE AS PER RBI CIRCULAR NO. UBD.CO.BP.PCB.20/16.45.00/ 2002- 03., DT. 30.10.02. Ref. No. B.P.38/16.45.00/2002-03 DT. 06.03.2003.

(` in Lakhs)

Sr. No.

Particulars 31.03.2019 31.03.2020

I Capital to Risk Asset Ratio 10.28% 9.58%II a) Total Capital fund 4781.85 4429.87

b) Risk Weighted Assets 46503.27 46232.03III Investment

a) Book Value 31927.81 29077.20b) Face Value 32195.07 29451.83c) Market Value 31268.13 29200.41

IV Advance Against Real Estate ConstructionBusiness & housing 8539.96 8539.96

V Advance Against Shares & Debentures NIL NILVI Advance to Directors, their relatives, Companies/

Firms in which they are interesteda) Fund Based 15.03 10.81b) Non-Fund Based NIL NIL

VII Average Cost of Deposit 6.21% 6.37%VIII Non-Performing Assets (NPA’s)

a) Gross NPA 6024.55 8987.82b) Net NPA 3745.99 6069.26

IX Movement of Gross NPA’sOpening Balance 6815.38 6024.55Addition During the year 1545.72 3861.94Recovered During the year 2336.55 898.67Write OffClosing 6024.55 8987.82Movement of Net NPA’sOpening Balance 4911.81 3745.99Additional During the year --- 2323.27Recovered during the Year 1165.82 ----Closing Balance 3745.99 6069.29

X Profitabilitya) Interest Income as a Percentage of Working

Funds 8.97% 8.73%b) Non-Interest Income as a Percentage of Working

Funds 0.76% 1.27%


Sr. No.

Particulars 31.03.2019 31.03.2020

c) Operating Profit as a Percentage of Working Funds 1.48% 1.47%

d) Return on Assets 0.79% ---e) Business (Advance + Deposits) per Employee 577.55 588.30f) Profit per Employee 3.09 ---

XI Provision made towards NPA during the year 375.00 640.00XII Provision made towards Investment Depreciation

Reserve---- ----

XIII Movement in ProvisionsA) Towards NPA’s1. Opening Balance 1903.56 2278.562. Add : Additions during the year 375.00 640.003. Less: Closed/Recovered/Written Back ---- ----4. Closing Balance 2278.56 2918.56B) Towards Fluctuation in Investments1. Opening Balance NIL NIL2. Add : Additions during the year ---- ----3. Less: Closed/Recovered/Written Back --- ---4. Closing Balance NIL NILC) Towards Depreciation in Investments1. Opening Balance 1366.45 455.602. Add : Additions during the year ---- ----3. Less: Closed/Recovered/Written Back 910.85 -----4. Closing Balance 455.60 455.60D) Towards Standard Assets1. Opening Balance 172.88 182.882. Add : Additions during the year 10.00 10.003. Less: Closed/Recovered/Written Back --- 67.884. Closing Balance 182.88 125.00

XIV Foreign Currency Assets & Liabilities NIL NILXV Premium Paid towards DICGC 90.68 91.93

During the financial year the Bank has not been subjected to any penalty for contravention or non-compliance with any requirement of Banking Regulation Act, 1949 or any rules or condition specified by the Reserve Bank of India in accordance with the said Act.


VI) Restructured Accounts:-

Disclosure in respect of Restructured Accounts as per RBI master circular no. RBI/2009 10/93UBD.PCB.MC.No 3/09.14.000/2009-10 July 1, 2009

(` In lakhs)

Housing Loan

Hypothecation Loan

Mortgage SME Debt Restructuring

Others

Standard Advances Restructured

Number of Accounts

- - - - -

Limit - - - - -Sacrifice (Diminution in the fair value)

- - - - -

Sub-Standard Advances Restructured

Number of Borrowers

- - - - -


- - - - -

Doubtful Advances

Restructured

Number of Borrowers

- - - -

Number of Borrowers

- - - -

Limit - - - - -Sacrifice (Diminution inthe fair value)

- - - - -

Total Number of Accounts

- - - - -


- - - - -


ADDITIONAL DISCLOSURES – INVESTMENTS

(A) ISSUER COMPOSITION OF NON-SLR INVESTMENTS

(` in Lakhs)

No. Issuer Amount Extent of ‘below Investment

grade’ Securities

Extent of ‘unrated

Securities

Extent of ‘unlisted’ Securities

1 PSUs - - - -2 FIs - - - -3 Nationalized Bank - - - -4 Mutual Fund - - - -5 Others 498.16 - - -6 Provision held towards

depreciation on Investment

455.60 - - -

TOTAL 1,253.76 - - -

Non-Performing Non-SLR Investment

(` in Lakhs)

Sr. No.

Particulars 2018-2019 2019-2020

1 Opening Balance 0.00 0.002 Additions during the year since 1st April 0.00 0.003 Reductions during the above period 0.00 0.004 Closing Balance 0.00 0.005 Total provisions held 0.00 0.00

For THE MOGAVEEVRA CO-OPERATIVE BANK LTD.As per our Report of even dateM/s. Dalal & Kala Associates.Chartered AccountantsFRN- 102017W

CEO Vice-Chairman Chairman Shri. M.B. JoshiPartnerM. No. 036988Place: MumbaiDate: 25/11/2020


SALIENT FEATURES OF BANK’S LOAN SCHEMES1. HOME LOANS : Purpose : Buying a new Flat/purchasing a resale Flat. : Housing Loan upto ` 25.00 Lakhs - 80% of the agreement value + stamp

duty plus registration : Housing Loan above ` 25.00 Lakhs - 74% of the agreement value + stamp

duty plus registration Loan Amount : 55/60 times of net monthly salary or 3.5 to 4 times of average annual income

of last three years in case of businessman / self employed / professional (Maximum ` 70.00 Lakhs revised w.e.f. 01-09-2020)

Eligibility

Loan Amount Rate of InterestUp to ` 25.00 Lakhs 9.5% p.a.

Above ` 25.00 Lakhs 10 % p.a. For 2nd home 0.5% additional. 2. HOME RENOVATION/IMPROVEMENT LOAN : Purpose : Repair/renovation/improvement of house. Loan Amount : Repairs – `10.00 Lakhs (Max.) Renovation/Improvement – `10.00 Lakhs (max.) Rate of Interest : 12.50% p.a. (Based on Margin) Tenure : Maximum 120 months. Processing fees : 1% + GST. Security : Equitable Mortgage of Flat or other liquid securities. * No Pre-Payment charges.3. MORTGAGE LOAN: Purpose : Business requirements/personal expenses like Education/Marriage/Medical

or for any other personal purposes. Loan Amount : Minimum ` 2.00 Lakhs. Maximum Loan : 3 times of average annual gross income for the last 3 years or maximum up

to 70% of the value of securities. Rate of Interest : Upto `25 lakhs - 12.5 % p.a. Above ` 25.00 Lakhs - 10% p.a. to 13.50 % p.a.as per rating 12 months subject to renewal in case of OD Account Processing fees : 1% + GST 12 months subject to renewal in case of OD4. LOAN AGAINST GOLD ORNAMENTS: Purpose : Any genuine personal/business needs. Loan Amount : Max `25.00 Lakhs. Rate of Interest : 11% p.a. Margin : 30% of valuation Tenure : 36 months (12mths. In case of OD Limit) Processing Fees : 1% Max `1000/- + GST *No Pre-payment Charges.


5. LOAN/OVERDRAFT AGAINST TANGIBLE SECURITIES: Purpose : Any genuine need. Max Limit : ` 25.00 Lakhs. Rate of Interest : 12.5% p.a with monthly rests. Tenure : Max. 60 months. (In case of OD Limit – 12 months.) Security : Pledge of NSC’S, RBI Bonds, Life Insurance Policies. Margin : 20% of face value of securities like NSC above 3 years. 30% of face value of securities like NSC upto 3 years. 15% of S.V of LIC & 10% of S.V under S.S. Scheme. Processing Fees : 0.5% + GST Other Conditions : Personal guarantee for third party securities. *No Pre-payment Charges.6. SALARY DEDUCTION LOAN FOR EMPLOYED PERSON: Purpose : To meet any genuine need. Eligibility : 15 times of net salary Confirmed employees of well known PSU’s/Limited

Co./Central/State Govt/Reputed Firms/Schools & Colleges etc., drawing gross salary of `15,000/- & net salary of not less than `10,000/-

Loan Amount : Max. `5.00 Lakhs (Secured) Rate of Interest: 15% p.a. is backed with under section 49 direct credit from salary 13% p.a.

Tenure : Max 60 months. Payable in EMI Security : 1. hypothecation of assets purchased/existing & Collateral Securities

like Pledge of FDR/NSC/LIC etc. 2. Two personal sureties having net salary of ` 10,000/- p.m. &

acceptable to Bank Processing Fees : 1% + GST Other Conditions : Undertaking by Employer under Section–49 of MSC act for direct deduction

of loan installments. Take home salary should be min. 40% of gross salary.7. WORKING CAPITAL REQUIREMENTS: Eligibility : Proprietary concern/ Partnership firms/Private/Public Limited Companies

Rate of Rate of Interest : Upto `25 lakhs - 12.50% p.a For loans above `25.00 Lakhs. -10 % p.a. to 13.50 % p.a. (as per rating) Margin : Stock 25%, Book Debts, (up to 90 days) : 40% Tenure : 12 Months. Securities : Prime : hypothecation of Stocks & Book Debts Collateral : 100% of limit in the form of immovable Mortgage properties/other tangible

securities. Processing Fees : 1% + GST


8. LOAN FOR PURCHASE OF FIXED ASSETS: Purpose : Purchase of Plant & Machineries/Gala/Business premises. Rate of Interest : up to `25.00 lakhs -12% p.a. Above ` 25.00 Lakhs – 10% to 13.5% as per rating Margin : 25% Tenure : i) Upto ` 10 Lakhs (84 months) ii) Above `10.00 Lakhs (120 months) Securities : Prime: Mortgage/hypothecation of Fixed Assets, Movable/ Immovable to be

purchased Collateral : By way of Tangible Securities 30% in case of Plant & Machineries/

Equipments Processing Fees : 1% + GST9. CAR LOANS – Existing Clients i. New Cars : Limit : `10.00 Lakhs Margin : 20% Period : 5 Years ROI : 10% ii. Old /Used Cars : Margin : 40% Period : 3 Years ROI : 12%10. Vidya Loan : Limit : Above ` 2.00 Lakhs to ` 20.00 Lakhs Rate of Interest : Girls 10.50% p.a., Boys 11.00% p.a. Period : 60 to 120 months Margin : Minimum 25% of Course Fees.11. OUR OTHER LOAN SCHEMES: Sakhi Loan, Advance against rent receivables, Loan for purchase of new two, three wheelers. Note: Contact any of our branches or Advances Dept. at Administrative Office for your financial

requirements.

# Conditions Apply


REVISION IN THE RATE OF INTEREST ON DEPOSITS WITH EFFECT FROM 01.01.2021

1. FOR GENERAL PUBLIC :

Particulars 15 to 30 days

31 to 90 days

91 to 180 days

181 days to 1 yr

Above 1 to 2 yrs

Above 2 to 3 yrs

Above 3 to 4 yrs

Above 4 to 10 yrs

Existing rate

3.50 4.50 5.50 6.25 6.75 7.25 7.00 6.75

Revised rate

3.00 4.00 5.00 6.00 6.10 6.75 6.00 6.00

2. Additional rate for Senior Citizens for deposits of above one year @ 0.25% p.a.

3. Bulk Deposits :

0.25% Additional interest rate for Bulk Deposits of ` 15.00 Lakhs and above for a period of one year and above.

4. Savings Bank Deposits :- The interest rate on Savings bank deposits reduced to 3% w.e.f. 01.11.2020.

5. Additional interest @ 1% p.a. for deposits in the name of employees including employees retired on superannuation.

6. No additional interest payable on deposits in the name of relatives of employees.


SHOWING PARTICULARS OF LOANS AND ADVANCES

TO DIRECTORS AND THEIR RELATIVES AS ON 31ST MARCH, 2020

No. of Directors & Amount of Loans & their relatives who have borrowed from the Bank

Secured Loan as on 31.03.2019

Amount of Loans &

Advances sanctioned during the

Year

Amount of

Recovery during

the Year

Amount of Loan & Advances

outstanding as on

31.03.2020

Overdue if any out of amount in column

No. 5

Directors (Staff) 1.97 1.95 3.11 0.81 NilRelatives of Directors 13.06 13.57 16.63 10.00 Nil

OUR PAST CHAIRMAN

* Shri. H. K. A. Kunderan 1946 - 1957* Shri. B. A. Karkera 1957 - 1963* Shri. U. Rama Rao 1963 - 1965* Shri. B. S. Salian 1965 - 1969* Shri. S. C. Padubidri 1969 - 1972*Prof. G. K. Karkera 1972 - 1975Shri. K. R. Puthran 1975 - 1977Prof. S. R. Panambur 1977 - 1978* Shri. D. H. Kotian 1978 - 1981* Shri. K. K. Salian 1981 - 1983*Shri. M. K. Kotian 1983 - 1985Shri. S. K. Salian 1985 - 1986* Prof. B. N. Amin 1986 - 1987Shri. S.K. Salian 1987 - 1994* Prof. B. N. Amin 1994 - 1997Shri. D. L. Amin 1997 - 2004Shri. K. R. Puthran 2004 - 2006Shri. Kirtiraj K. Salian 2006 - 2015

* Since expired


ANNEXURE

PROPOSED AMENDMENT TO BYE-LAWS

Bye Law No.

Existing Bye Law Bye Law No.

Proposed Amended Bye laws will read as

Reason/ Purpose of proposed amendment

5 Objects 5 Objects To be in compliance with the RBI Master Circular no. DCBR.BPD.(PCB) M C . N o . 4 / 1 6 . 2 0 . 0 0 0 / 2015-16 dated July 1, 2015.

ix) To Purchase and to sell Bonds, Shares, Debentures, Scrips or other forms of securities on behalf of constituents.

ix) Delete

39 Board of Directors 39 Board of Directorsii) In addition to above

Bank may co-opt two directors from active members of the bank with suitable banking experience from middle management of any bank for the minimum period of 10 years or having relevant professional qualifications. For the purpose of the sub-clause the professional qualification means a Chartered Accountants/ ICWA/ CS/ CAIIB/M B A ( B a n k i n g and Finance)/Law Graduate or Faculty in banking field having a experience in the middle/senior/top level management for minimum

10 years (this is as per RBI circular N o . P C B . C I R . POT39/09.103.01/2001-02, Dt. 5/04/2002

ii) In addition to above Bank may co-opt two directors from active members of the bank with suitable banking experience from middle management of any bank for the minimum period of 10 years or having relevant professional qualifications. For the purpose of the sub- clause the professional qualification means a Chartered Accountant/ ICWA/CS/MBA(Banking and Finance)/Law Graduate having experience in the middle/senior/top level management for minimum 10 years (this is as per RBI circular No.PCB.CIR.POT 39/09.103.01/2001-02, Dt. 5/04/2002.

To be in compliance with the RBI Master Circular no. DCBR.BPD.(PCB /RCB) Cir.No.2/14.01.062/2015-16 dated July 1, 2015.


Bye Law No.




44 Powers and Functions of the Board of Directors

44 Powers and Functions of the Board of Directors

To be in compliance with instructions contained in RBI Circular No. DoR(PCB).BPD. Cir. No.8/12.05.002/2019-20 dated December 31, 2019.

u) To decide upon payment/ reimbursement of conveyance, travelling expenses, sitting fees, etc. to the members of the Board and members of the Board of Management (BoM).

v) To constitute a Board of Management (BoM) comprising of persons with special knowledge and practical experience in banking to facilitate professional management and focused attention to the banking related activities of the Bank. The BoD may delegate such powers to BoM as deemed necessary for the said purpose.

w) To seek concurrence from Reserve Bank of India before removing any member of the BoM/ accepting the resignation tendered by any member of the BoM.


Bye Law No.




50 Chief Executive Officer and Powers and Functions of the Chief Executive Officer

50 Chief Executive Officer and Powers and Functions of the Chief Executive Officer

To be in compliance with instructions contained in RBI CircularNo.DoR(PCB).BPD. Cir.No.8/12.05.002/2019-20 dated December 31, 2019.

The Chief Executive Officer of the Bank shall be appointed by the Board as per fit and proper criteria issued by the Registrar time to time. He shall be a full time employee of the Bank and he shall aid and assist the Board in their functions.

The Chief Executive Officer of the Bank shall be appointed by the Board of Directors on obtaining approval from Reserve Bank of India at least three months prior to the end of tenure of the incumbent CEO. He/ She shall be a person meeting the ‘fit and proper’ criteria prescribed by Reserve Bank of India. He/she shall be a full time paid employee of the Bank. He/she shall aid and assist the Board of Directors in their function. The Chief Executive Officer shall be an Ex-Officio member of the Board, BoM and of the Executive Committee and such other Committees or Sub- Committees of the Board as may be constituted.

50 A. Board of Management (BoM)



Bye Law No.




The BoM (excluding CEO) shall have a minimum of five members and maximum number of members shall not exceed twelve. The CEO would be a non-voting member.

B. Qualifications of Members of BoM

i) All the members of BoM shall consist of persons having special knowledge or practical experience in respect of one or more of the following m a t t e r s , namely ;

To be in compliance with instructions contained in RBI Circular No.DoR(PCB).BPD. Cir.No.8/12.05.002/2019-20 dated December 31, 2019.

• Accountancy• Agriculture and rural

economy• Banking• Co-operation• Economics• Finance• Law• Small scale Industry• Information Technology• Any other subject, which

would, in the opinion of the Reserve Bank, be useful to the Bank.

ii) The members of BoM shall at all times satisfy the ‘Fit and Proper’ Criteria prescribed by RBI.


Bye Law No.




iii) Members of the BoM may be drawn from the members of the Board of Directors provided they meet the criteria specified. However, not more than 50 per cent of the BoM members shall be from BoD. Under all circumstances, BoM shall have at least two members from outside the BoD.

iv) A member of BoM can be appointed in more than one bank, subject to a maximum of three, provided that there is no overlapping in area of operation.

v) Any disqualification prescribed for member of a BoD under the MCS Act will also apply to a member of a BoM.

50 C. Functions of Board of Management

i) Rendering expert advice on all proposals being put up to the Board or any Committee of the Board for sanction of loans.


ii) Recommending action for recovery of NPAs, One Time Settlement or Compromise Settlement and assisting the Board in monitoring the same.

iii) Overseeing the management of funds and borrowings in the bank.

iv) Recommending proposals for investment of bank's funds as per the Board approved policy.


Bye Law No.




v) Oversight on internal controls and systems and risk management in the Bank.

vi) Exercising oversight on implementation of computerization, technology adoption and other incidental issues in the Bank.

vii) Overseeing internal audit and inspection functions including compliance.

viii) Oversight on complaint redressal system

ix) Assisting the Board in formulation of policies related to banking functions, illustratively loan policy, investment policy, recovery policy, ALM and Risk management, etc. to ensure that policies are in tune with RBI guidelines.

x) Any other responsibility as may be delegated to it by the BoD.

50 D. Meetings of BoM


Bye Law No.




BoM may hold meetings at such periodicity as deemed necessary. The Chairman of the BoM may be elected by the members of the BoM from amongst themselves or appointed by the BoD. Under no circumstances, the Chairman of the BoD shall be appointed as Chairman of the BoM and the Bank shall maintain proper record of the minutes of the meeting and the same shall be put up to BoD. The quorum for the meeting shall be two-third of the total members of BoM. (round off to nearest integer)


50 E. Tenure of BoM

The Tenure of BoM shall be co-terminus with the tenure of BoD.

To be in compliance with instructions contained in RBI Circular No.DoR(PCB).BPD. Cir.No.8/12.05.002/2019-20 dated December 31, 2019.


PRO

GR

ESS

AT A

GLA

NC

E

A C

OM

PAR

ATIV

E ST

ATEM

ENT

SHO

WIN

G T

HE

PRO

GR

ESS

OF

THE

BA

NK

FR

OM

198

9-20

20

Year

Mem

bers

Paid

up

Capi

tal

Rese

rve &

Ot

her F

unds

Depo

sits

Wor

king

Capi

tal

Loan

s Out

- st

andi

ngs

Inve

stm

ents

&

Call D

epos

itsIn

com

eEx

pens

es &

Pr

ovisi

ons

Net P

rofit

Rate

of

Divid

end

1989

17,13

891

,36,66

01,5

4,52,1

0615

,37,06

,340

17,82

,95,10

613

,66,57

,829

3,56,3

0,500

2,22,4

6,772

1,99,7

8,033

22,68

,739

12%

1990

19,06

11,0

8,41,9

201,9

1,59,9

4419

,62,71

,426

22,62

,73,29

016

,38,29

,899

5,60,9

0,500

2,70,0

5,277

2,42,1

8,917

27,86

,360

12%

1991

21,83

71,3

1,21,2

002,3

4,04,9

3524

,77,83

,883

28,43

,10,01

820

,44,72

,838

6,97,5

0,500

3,37,8

3,977

3,13,0

0,931

24,83

,046

12%

1992

23,19

11,4

3,73,7

502,7

1,12,4

6228

,68,04

,784

32,82

,90,99

622

,21,89

,343

9,84,1

5,800

3,29,5

3,905

2,97,5

2,898

32,01

,007

12%

1993

23,25

51,4

8,74,5

002,9

0,54,2

6033

,19,24

,293

37,58

,53,05

322

,57,87

,889

12,47

,30,96

04,4

9,63,6

284,1

8,83,9

6330

,79,66

512

%19

9423

,771

1,63,8

7,830

2,99,0

0,916

40,46

,92,94

045

,09,81

,686

25,55

,65,45

716

,02,12

,802

5,10,9

6,660

4,82,2

3,107

28,73

,553

12%

1995

23,81

01,8

0,77,3

404,7

9,22,6

5751

,96,21

,709

58,56

,21,70

929

,58,87

,272

22,44

,50,11

25,8

0,56,3

397,5

2,19,5

43(-)

1,71,6

3,204

NIL

1996

23,78

02,0

6,87,2

107,9

2,45,0

3264

,85,99

,745

73,15

,54,16

838

,64,23

,311

28,68

,95,96

77,7

5,10,5

627,3

8,39,7

1936

,70,84

3NI

L19

9723

,783

2,34,5

9,950

9,76,5

4,181

74,81

,88,32

087

,33,22

,571

50,64

,95,60

929

,36,81

,356

11,33

,94,67

69,9

6,85,2

371,3

7,09,4

39NI

L19

9823

,598

2,53,9

0,080

9,56,6

1,397

92,61

,66,68

811

0,80,6

6,738

61,59

,16,03

539

,03,96

,355

13,74

,00,26

610

,37,35

,622

3,36,6

4,644

15%

1999

24,44

92,7

8,45,7

3013

,59,44

,424

118,4

4,60,7

7613

8,58,5

4,218

71,37

,22,74

356

,61,88

,355

17,58

,11,69

714

,31,23

,813

3,26,8

7,884

15%

2000

25,03

23,0

9,16,6

2016

,54,77

,065

147,7

9,20,5

4717

2,45,7

9,840

87,59

,72,41

869

,72,48

,406

20,92

,26,45

316

,86,54

,299

4,05,7

2,154

15%

2001

26,60

23,6

6,24,7

6019

,08,50

,187

181,5

5,94,5

4521

2,69,7

8,098

115,5

5,50,9

9683

,49,63

,550

25,38

,88,36

320

,18,30

,529

5,20,5

7,834

15%

2002

30,35

44,2

7,69,6

5027

,02,19

,582

219,9

6,71,6

7925

9,68,8

1,707

141,6

9,34,2

6598

,39,10

,550

31,31

,10,84

027

,27,04

,760

4,04,0

6,080

15%

2003

32,09

34,6

5,61,8

4033

,62,79

,096

221,9

7,19,2

0626

8,02,4

9,073

150,5

1,46,1

6991

,31,30

,550

31,01

,27,83

329

,99,28

,443

1,01,9

9,390

15%

2004

33,69

84,8

3,40,1

7036

,08,44

,876

253,6

3,65,1

1930

0,45,4

9,992

140,8

3,76,0

4511

9,07,0

0,735

29,11

,63,40

327

,06,52

,683

40,10

,720

NIL

2005

32,56

14,6

9,88,6

0036

,39,65

,066

217,6

2,57,2

2226

5,19,4

2,230

127,4

9,83,0

6110

2,64,2

6,710

23,96

,66,09

623

,40,85

,136

55,80

,960

NIL

2006

31,03

24,8

2,68,4

2051

,61,86

,918

236,9

6,90,5

2230

7,79,4

7,416

157,4

2,28,3

5812

3,00,2

9,875

23,54

,54,28

330

,84,42

,812

(-)7,2

9,88,5

29NI

L20

0733

,032

5,30,4

1,890

50,96

,83,14

925

4,18,9

0,755

346,6

1,99,9

2116

2,73,4

5,583

160,6

6,98,5

5622

,35,52

,968

22,33

,48,12

42,0

4,844

NIL

2008

35,32

06,8

2,95,1

4057

,95,21

,481

293,4

5,22,0

9836

0,85,9

5,076

176,5

8,17,0

6116

1,19,6

7,586

29,72

,73,99

628

,67,57

,350

1,05,1

6,646

NIL

2009

37,66

77,6

6,40,0

4052

,66,33

,308

320,0

6,10,0

8238

0,47,9

4,481

186,1

6,10,6

8616

6,61,7

8,382

34,55

,08,12

030

,75,37

,521

3,79,7

0,599

5%20

1039

,985

8,93,2

5,550

49,11

,92,24

438

3,67,6

2,341

443,1

8,34,8

4523

6,76,2

1,153

167,9

5,76,2

6437

,27,80

,340

36,27

,71,36

31,0

0,08,9

77NI

L20

1142

,390

14,04

,73,45

045

,94,07

,315

4,31,0

3,55,0

115,3

5,56,8

3,307

2,68,0

6,59,8

542,3

1,78,3

3,774

44,01

,01,99

040

,66,35

,429

3,34,6

6,561

NIL

2012

44,07

315

,43,32

,420

36,94

,50,98

14,8

5,02,6

6,395

5,59,9

8,38,8

342,9

7,91,5

3,711

2,26,1

1,48,4

5755

,90,17

,878

53,45

,50,30

82,4

4,67,5

706%

2013

45,19

316

,11,22

,670

40,14

,82,71

05,5

9,09,5

3,881

6,28,7

5,94,1

663,4

2,64,4

4,574

2,44,7

4,24,9

0166

,23,74

,133

61,57

,51,29

04,6

6,22,8

438%

*20

1445

,576

15,77

,30,04

038

,66,30

,308

6,44,2

7,39,6

127,1

1,86,8

0,468

3,55,1

2,36,8

093,1

2,51,1

1,186

82,52

,77,89

679

,46,69

,615

3,06,0

8,281

8%*

2015

4624

116

,07,91

,180

40,09

,25,83

46,9

1,39,7

5,612

7,63,4

2,17,1

493,3

9,02,6

3,008

3,72,2

0,65,9

0880

,64,80

,143

77,10

,16,47

03,5

4,63,6

23NI

L20

1646

,351

16,51

,11,39

040

,56,45

,346

7,91,5

3,36,5

397,8

8,89,9

9,684

3,60,9

8,83,1

633,6

0,94,7

0,966

82,39

,94,97

180

,38,28

,427

2,01,6

6,544

NIL

2017

46,66

317

,04,19

,090

43,24

,61,52

68,1

2,53,9

1,024

8,87,6

1,71,3

8138

4,55,8

6,684

4,45,0

9,01,3

9581

,11,97

,609

82,30

,25,71

452

,38,37

2NI

L20

1847

,543

18,69

,02,59

075

,09,78

,500

7,69,7

1,13,1

588,6

9,75,9

1,095

4,29,5

5,71,6

283,7

7,75,8

4,869

79,36

,38,76

184

,99,20

,040

-7,87

,81,27

9NI

L20

1948

,958

19,91

,94,39

065

,22,79

,353

769,2

7,20,2

658,6

6,44,3

6,296

4,84,0

1,97,4

043,1

9,27,8

1,233

84,34

,95,75

477

,65,47

,588

6,69,4

8,166

NIL

2020

49,23

420

,06,63

,210

74,31

,42,25

974

3,00,3

6,372

8,39,1

0,27,9

874,8

6,53,6

1,990

2,90,7

7,19,5

7584

,64,24

,035

90,25

,70,66

4-5

,61,46

,629

NIL

* P

ropo

sed

- sub

ject

to R

BI a

ppro

val


Regd. & Admn. Office 18.03.1946 5th Floor, Mogaveera Bhavan,MVM Educational Campus Marg, Off VeeraDesai Road, Andheri (W), Mumbai 400 058.Phone: 26766011 Fax:26770387

Fort Branch 18:03.1946 A/3 ground Floor, 30/36 Tamarind House, Tamarind Lane, Opp. Purnima Hotel, Fort, Mumbai 400 023. (With Safe Deposit Vault) Phone : 22626108, 22626152 Fax:22626382

Andheri (West) Branch 11.12.1976 Flower Queen, Veera Desai Road, Andheri (West), Mumbai- 400 058. (With Safe Deposit Vault)Phone : 26771968, 26772452Fax : 2677 2574

Goregaon Branch 04.03.1981 Kiran Industrial Estate, M.G. Road, Goregaon (West), Mumbai - 400 062. (With Safe Deposit Vault)Phone : 28724764, 28766041Fax : 28710252

Kurla Branch 26.05.1983 Shop No. 7, 8 & 9, New Dwarka Puri,Kailash Chowk, L.B.S. Marg, Near Sheetal Cinema, Kurla (West), Mumbai - 400 070Phone : 25031317, 25030988Telefax : 25031318

Borivli (West) Branch 21.02.1985 UNIT 1 & 3, Nav Manmandir CHS Ltd, 1st Floor, Eksar Road, Opp. Eksar Talav, Borivali (W), Mumbai- 400091 (With Safe Deposit Vault)Phone:- 28907191, 28907244TeleFax:- 28907206

Ghatkopar Branch 06.12.1986 Kavita Co-op. HSG. Society Ltd., R.B. Mehta Marg, Ghatkopar (East), Mumbai - 400 077. (With Safe Deposit Vault) Phone : 2102 4254, 21020377Telefax : 21024077

Andheri (East) Branch 20.05.1991 Rebello Heritage, Gundavali, Azad Road, Andheri (East), Mumbai - 400 069. (With Safe Deposit Vault)Phone : 26843455, 26841802Fax : 2683 4340

Kandivli Branch 16.02.2001 Ram Krupa, Devji Bimji Lane, Mathurdas Road, Kandivli (W), Mumbai - 400 067. (With Safe Deposit Vault) Phone : 28653933 Telefax : 2865 4671

Saki Naka Branch 26.02.2001 G-18/19, Pranik Chambers, Opp. Batra Petrol pump, Saki Vihar Road, Saki Naka, Mumbai 400 072. (With Safe Deposit Vault)Phone : 2847 0915, 2847 0913 Telefax : 2847 0914

Vikhroli Branch 16.01.2002 Unit No.23/24, Indraprastha Industrial Estate, Hariyali,L.B.S. Marg, Vikhroli, (West), Mumbai - 400 079. (With Safe Deposit Vault)Phone : 25774605, 25774607 Telefax : 2577 4606

Dombivali Branch 23.05.2010 Shop No. 103-106, Saroja Arcade, 1st Floor, Patkar Road, Opp. Railway Station, Dombivali (East), Dist. Thane - 421201. (With Safe Deposit Vault) Phone : 0251-2860485 Telefax : 0251-2860375


Members KYC Updation

Please fill in the details and submit it to your nearest Branch

Membership No. ___________________________

Full Name ___________________________________________________________________

Date of Birth ________________________ PAN ___________________________

Aadhar ________________________ Mobile No. ___________________________

Email Id ___________________________________________________________________

Address ___________________________________________________________________

________________________________________________________________________________

Signature __________________


NOTIFICATION

In the AGM dated 2nd November 2002, members have approved the face value of shares to be increased to ` 100/- from ` 10/-. This has also been approved by The Registrar of Co-operative Societies, Pune.

All the members who are having total amount of share holdings not in multiples of `100/- are requested to pay the difference amount on or before 31st March 2019. By doing so the total amount of share holdings of each members will be in multiples of `100/-. Bank will then issue them new share certificates of face value `100/- in exchange of the old share certificates of face value `10/-. This exercise is to be done in accordance with the directives of The Registrar of Co-operative Societies, Pune.

The Members who have not collected their Share Certificates so far are hereby advised to take delivery of the same from the Bank as early as possible on production of Share Money Receipts.

Correspondence pertaining to the notice of the meetings will be sent to the residential address of the members. Hence, changes in address, if any, should be sent to the Registered Office immediately to ensure prompt receipt of notices. Members are also requested to intimate any change in nominee to keep our records upto date.

Active members:

“Active Member” means a person who has been admitted as an ‘Ordinary Member’ under the Bye-lawsof the Bank and who complies following conditions.

1) To attend at least one general body meeting in the previous five consecutive years.

2) To utilize minimum level of services as proved in bye-laws no. 15. minimum Level of Services for Becoming Active member:

The Minimum level of services to become active member are prescribed below

Sr.No.

Size of Bank(Deposit in Cr.)

Minimum share capitalholding

And MinimumDeposits required

or Loan

1 ` 500-00 Cr. and Above ` 500/- ` 1000/- ` 100000/-

Members are requested to open SB Accounts with our Bank & to intimate their Account Numbers to share dept./nearest branch to deposit their Dividend Warrants in their respective accounts.

Those members who have not yet availed of nomination facility are requested to submit their nomination in the prescribed form.

Deposits upto ` 5.00 Lakh are Insured with DI &CGC.


THE MOGAVEERA CO-OP. BANK LTD.

Dear Member,Presently we are dispatching Annual Reports to individual members, although some of them are stayingin same house or having same addresses.Now we propose to send one common Annual Report to members residing in one house / having the same address. If you agree with the same, kindly send the perforated sheet (Form A) duly signed by all members to us, so that in future we can send one Annual Report to all the members.We have been sending you dividend warrant/s as and when declared to your mailing address. In order to provide you with more efficient service, we request you to furnish us with your account number so that dividend is credited as soon as it is approved. This would not only facilitate prompt receipt of dividends but also save cost and valuable time. Therefore, kindly fill the mandate form (Form B) appended below and submit it duly signed to the branch where you have an account / nearest branch. This will enable the branch to forward your request to the share department at our Administrative office.

Thanking you, Yours faithfully,

For THE MOGAVEERA CO-OPERATIVE BANK LTD.

Sd/-

Chief Executive Officer

FORM A

Address :

E-mail :

Date : To,The Mogaveera Co-operative Bank Ltd.5TH Floor, Mogaveera Bhavan,M.V.M Educational Campus Road,Andheri (W),Mumbai-400058

Dear Sir,

Reg.: Shares of The Mogaveera Co-operative Bank Ltd. held by us

We refer to your above request and agree that you may send one common Annual Report for all share holders of our family & relatives having above address.

Thanking you,

Yours faithfully,

Sr. No. Name of the Share Holder Membership No. Signature


FORM B

To,

The Chief Executive Officer,

The Mogaveera Co-operative Bank Ltd.

5TH Floor, Mogaveera Bhavan,

M.V.M Educational Campus Road,

Andheri (W),Mumbai-400058

Dear Sir,

Ref : Share membership No.

Kindly,

a) Credit dividend amount as and when declared to my Savings / Current / Overdraft Account Number with your Branch.

b) Note my change of address as given below.

c) Note my Telephone, Mobile Numbers & Email ID as given below.

Thanking you.

Yours faithfully,

(Signature)

Name :

Address :

Tel : Mobile : E-mail

Place :

Date :

Foundation Day Function at Administrative Office & Branches - 18th March 2020

Administrative Office

Kandivali Branch

Kurla Branch

Borivali Branch


Ghatkopar Branch

Dombivali Branch

Fort Branch

Sakinaka Branch


Andheri East Branch

Goregaon Branch

Andheri West Branch

Vikhroli Branch

75TH

2019-2020

ANNUALREPORT

Bank that makesyour a

realitydream

5th Floor, Mogaveera Bhavan, M.V.M. Educational Campus Marg, Off. Veera Desai Road, Andheri (W), Mumbai - 400 058.Tel: 022-26766011, Fax: 022-26770387E-mail: [email protected] Website: www.mogaveerabank.com

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75 YEARS OF VICE TED 75 ANNUAL REPORT 2019-2020

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